Bankruptcy of natural persons

Laws on Bankruptcy of Natural Persons already work in many European countries and help to relieve the debt noose from man's neck.
Banks can no longer manipulate people and dictate their conditions to them.

During the crisis the banks felt free: loans fell left and right freely. Even knowing that clients could hardly repay the loans, banks gave away lots of them, thus planting lots of lifetime debts. Now, instant loan companies have joined the banks by taking away last money and last hope from people.

Not rarely the debts have even pushed people to suicide!

Endure no more! Everyone should know that banks can no longer rule you: The Law of bankruptcy of Natural Persons exists!

Regulations of the Law of Bankruptcy of Natural Persons:

• The bankruptcy option would be available to people with liabilities exceeding 20,000 litas (25 minimal monthly salaries).
• It would be provided to allow an individual to declare insolvent once in 10 years;
• The process of bankruptcy would only be declared at the initiative of a person, the lenders will not be able to declare bankruptcy;
• This law would apply retrospectively to the persons whose agreements and commitments were assumed in the past.
• Bankruptcy proceedings may last up to five years; the term might be shorter if agreed with creditors and confirmed by a court.
• All the properties and incomes of the person would be disposed of by the administrator in bankruptcy.

Read more: http://www.15min.lt/en/article/business/individual-bankruptcy-law-to-come-into-effect-in-lithuania-next-march-527-217883#ixzz23zi7kjyg

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