Bankruptcy of an individual
The lawyers of our law firm will professionally, promptly and effectively help resolve all problematic legal issues that have arisen for an individual regarding the write-off of outstanding (unpaid) debt for loans, loans, utility payments, debt that arose from non-fulfillment of various types of civil-law or economic contractual obligations. contractual obligations.
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Credit is funds and tangible assets provided by the creditor (Bank or MFI) for the use of the borrower (individual or legal entity) for the term and under the conditions specified in the credit agreement.
Main types of loans: consumer loan, commercial loan, mortgage loan, investment loan, microloan.
The number of loans granted in Ukraine recently, in particular since 2019 and until now, has been increasing practically every month, this is primarily due to the difficult economic situation in the country, job losses and other factors that have encouraged people to take loans, both in large amounts and and consumer loans.
It was quite easy to get these loans both in banks and other MFIs by applying to these financial institutions with your passport and personal identification number or to get a loan through the Internet by making a corresponding application on the institution’s website, it was especially easy to get small amounts of money (i.e. microloans). .
If you look at the statistics of issued consumer loans, they are as follows in Ukraine: in 2019, Ukrainians were granted loans in the amount of more than UAH 120,000,000, in 2020 it is already UAH 140,000,000, in 2021 the amount is more than 160,000 000 hryvnias, but with the growth of issued loans, the total amount of debts that are not returned by debtors for these loans naturally increases.
As of July 2023, Ukrainians took loans from banks in the aggregate amount of more than 223.54 billion hryvnias, including microcredit and consumer loans.
Moreover, about 35% of these debt obligations belong to the category of so-called NPL – debts, i.e. debts whose repayment is problematic.
This situation has existed for a long time, and mainly those persons who received these loans (i.e. debtors) in the vast majority returned these loans without any problems by paying them, as a rule, in monthly payments until they are fully returned.
But everything changed radically starting from the spring of 2020 (with the introduction of quarantine restrictions in connection with Covid), and especially the situation became critical starting from February 24, 2022 (in connection with the introduction of martial law in Ukraine), after which a significant number of people simply lost their jobs and livelihoods.
Only in 2021, the volume of debts of Ukrainians increased by almost UAH 2,000,000, which is actually three times more compared to the previous period, and the trend of non-payment of loans only continues to grow, Ukrainians increasingly stop paying loans, accumulating millions of debts to creditors, as a result of which entry of a person into the Register of Debtors, and in the future it is accompanied by the relevant restrictions and problems for the debtor: a ban on traveling abroad, seizure of all bank accounts, description of movable and immovable property and its subsequent sale in a forced manner.
The presence of credit debts, which are constantly increasing due to their non-payment, accompanies a person with constant psychological stress and colossal pressure, and one of the effective and efficient ways out of this critical financial situation, which has developed for the credit debtor, is the declaration of the bankruptcy procedure of an individual.
Bankruptcy cases of natural persons are quite complex and ambiguous from the point of view of their practical application, as a rule, it is impossible for an average citizen to correctly navigate this problematic legal issue on his own, which of course makes it impossible to effectively protect his rights and legitimate interests in the field of bankruptcy of natural persons, and therefore, for the purpose of proper legal resolution and settlement of the case of this category, it is necessary to apply for urgent legal assistance to qualified and experienced lawyers who will provide effective legal protection to the Client in bankruptcy cases of natural persons of any complexity, who definitely and for a long time work in a legal company “Naumenko and Partners”.
According to the Code of Ukraine on Bankruptcy Procedures, bankruptcy of an individual in Ukraine is the recognition of the debtor's insolvency through the court, which results in the debtor's debts being written off (in full or in part).
Both an individual citizen and an individual entrepreneur can file for bankruptcy.
Bankruptcy is a complex, time-consuming and expensive procedural procedure, before starting it, you should weigh all the pros and cons to make a well-considered decision.
Bankruptcy of a natural person is beneficial for those who obviously have a large cumulative debt and who have no real opportunity to pay (repay) this debt.
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- Debt that arose as a result of non-payment of utility bills,
- Debts arising from loans to MFIs,
- Debts arising from loans in BANKS,
- Debt that arose with the receipt of funds from the LOAN,
- Any debt that arose from non-fulfillment of various civil-legal or economic contractual obligations (lease agreement, contract, commission, hiring, etc.)
- Debt that arose as a result of non-payment of alimony,
- Debt that arose as a result of non-payment of the Social Insurance Contribution (single social contribution, payment intended for the Social Insurance Fund),
- Debt for damage caused by injury to health or death of a person.
Main advantages:
- Solving the issue with all problematic debts in an absolutely legal way,
- A moratorium is established on meeting the demands of creditors - the debt is "frozen" and does not increase,
- All arrests and bans, including bank accounts, are cancelled.
- During the bankruptcy procedure, all property issues and debts are combined into one bankruptcy case,
- After opening a bankruptcy case, the imposition of fines and penalties becomes impossible.
Negative points :
- There is a risk of losing part of the property and there is a restriction on its disposal,
- The debtor's property is seized and the possibility of its use is limited,
- A natural person is deprived of the right to conclude agreements (contracts) in the amount of UAH 60,000 or more,
- During the next 5 years, the debtor is deprived of the possibility of re-initiating the bankruptcy procedure,
- The debtor may be restricted from leaving the territorial border of Ukraine,
- For the next 5 years, the debtor is obliged to inform the other party about his status in some contracts: credit, loan, pledge. For example, if you want to take a loan for business development, you will first have to notify the bank in writing about previous financial problems,
- For the next 3 years, the debtor cannot be considered a person with an impeccable business reputation,
- Information about a natural person-debtor is displayed in the register of the credit history bureau, which can be a problem for obtaining appropriate credits (loans) in the future.
The main stages of this procedure:
- Preparation and drafting of the necessary documents for the bankruptcy procedure of an individual.
- Submission of an application to the relevant Commercial Court.
- Opening by the relevant commercial court of proceedings in the bankruptcy procedure of an individual.
- Appointment of the arbitration administrator in the case.
- Submission and consideration of the debtor's creditors' claims.
- Development of a debt restructuring plan.
- Initiation of bankruptcy proceedings, if restructuring proved impossible.
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- The procedure for obtaining a decision in a bankruptcy case takes on average from 3 to 12 months.
- If during the bankruptcy procedure of an individual, a way to return debts to creditors is proposed, this procedure may take a longer period of time.
- The bankruptcy procedure of a natural person-entrepreneur actually takes place according to the same procedure and method as the bankruptcy procedure of an ordinary natural person.
- For a business owner, the bankruptcy procedure may result in the loss of his personal property, but at the same time, after the business owner is completely freed from his debts, the latter may eventually return to his previous entrepreneurial activity.
- Residential premises, if it is the sole place of residence of a natural person-debtor (residential apartment up to 60 sq.m., and residential building up to 120 sq.m.),
- Residential premises, which is the subject of a mortgage,
- Contributions to the PFU and the Social Insurance Fund,
- Immovable and movable property registered to other persons, including relatives of the debtor,
- Other immovable and movable property that cannot be charged (the list is specified in the Law of Ukraine "On Executive Proceedings".
The cost of the individual bankruptcy procedure itself is significant, it consists of the following amounts and payments:
- 5 subsistence minimums (in 2024, this is UAH 15,140, the remuneration of the restructuring arbitration manager for three months of work),
- 1,500 - 2,500 hryvnias, notary services (registration actions, certification of documents, etc.),
- From UAH 18,000, legal services of a lawyer for full support of a bankruptcy case of an individual.
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Why choose us?
Professionalism and significant practical work experience
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A comfortable and modern office in the very center of Kyiv, next to the metro
(100 meters from the University metro station and 4 minutes from the Teatralna metro station, as well as from the Zoloti Vorota metro station)
