Unfortunately, debts are a phenomenon that practically everyone faces sooner or later. It is not always possible to fully repay them, and as a result, the person continues sliding deeper into the pit of his endless financial obligations and does not know how to get out of it. However, there is a way out. The bankruptcy procedure (Pshitat Regel) is no longer a defeat, but a real legal tool which enables you to pay off all debts and start your financial or business activities again. For lenders, this is a great opportunity to get their money back with minimal risk. Our law office will help you:
Some believe that Pshitat Regel in Israel is an exclusive domain of the companies with serious debts. That is not true. According to the Bankruptcy Law, any individual can go through the bankruptcy procedure. It makes possible for anyone to get rid of debts and start financial activities from scratch.
The Pshitat Regel process is quite complicated, and it will be very difficult for the debtor to pass it on without any legal knowledge. Therefore, we strongly recommend seeking the assistance of a bankruptcy lawyer before the procedure begins.
By law, Pshitat Regel is a long process. On average, its total duration is about 2 years.
When all available property is sold, and the main debts to creditors are repaid, the master submits a petition to the court and, if there are no longer any legal possibilities to continue to collect debts, the court declares the individual bankrupt. After this process, the debtor receives Tsav efter – an order for full debt relief. From this point on, all further debts and legal restrictions on an individual are removed, and he can start his financial activities from scratch.
As you can see above, the procedure of recognizing an individual as insolvent is rather long and consists of several stages, at each of which the protection of the debtor’s rights is simply critical. Here are just a few examples where a bankruptcy lawyer can help you:
In most cases, after the commencement of the procedure, the debtor’s bank accounts become arrested, and he is also prohibited from running a business. However, there is a way out. After the bankruptcy procedure reform in 2014, there is a possibility to submit a petition in court and get an interim decision. According to its results, it will become possible to use your bank accounts and continue to conduct business (with minor restrictions). Of course, obtaining such a permit without competent legal support is practically not realistic. Therefore, we recommend immediately contacting a bankruptcy lawyer.
Bankruptcy is not always a mutually beneficial solution for the debtor and creditor. A compromise can often be found before trial, agreeing on various installments or repayment of part of the debt. It is beneficial for the debtor as it significantly reduces the burden on the budget. In turn, the creditor receives his funds at least partly and avoids a long bankruptcy procedure that may result in scanty payments. Naturally, the pre-trial regulation also cannot do without the services of a bankruptcy lawyer.
In Israel, the accumulation of debts to creditors mostly leads to the opening of a case in the service of bailiffs. It can have a very negative effect on the quality of the debtor’s life and substantially untie the creditor’s hands to carry out various legal ways to influence and more quickly return the debt. When a debtor’s case is sent to Hotza’a La’poal, there are two main ways to solve the issue and minimize the credit burden:
To achieve both types of indulgences in Hotza’a La’poal, you will need the services of an experienced debt lawyer. For example, in Haifa, there is Patkin & Partners Law Office.
If you have several debts to different creditors and, accordingly, cases in Hotza’a La’poal, there is an opportunity to submit a request for Ikhud tikim – a consolidation of all current cases into one. You can submit such a petition even if, for example, you have one debt in Hotza’a La’poal in Haifa, and another in Jerusalem.
When the application is accepted, all the cases are merged into one, and the debtor is assigned a single monthly payment (according to the schemes described above). Naturally, only an experienced debt lawyer is capable to competently file such a petition, get the approval and appointment of the most comfortable amount of the monthly payment.
The legislation provides for a number of administrative restrictions for people against whom the case is filed in Hotza’a La’poal or the commencement of bankruptcy proceedings is announced. It may be:
They all significantly complicate the debtor’s life. However, you shouldn’t put up with this. Most of these decisions can be canceled by submitting a legally competent and reasonable petition to the appropriate court. Consulting the debt lawyers of the Patkin & Partners Law Office, you can get your bank accounts or driving license back and begin to enjoy all the benefits of life, even if your case is registered in Hotza’a La’poal.
If you slide deeper into the debt pit, do not despair. Contact your debt lawyer, and he will consult you on your further actions in a given situation.
There is no need to be left alone with all problems and watch your debt commitments multiply. Contact your debt lawyer and start solving your problems today. You will see how quickly you will deal with all debts and return to the previous level of life.
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