JKS Legal advice specialists provide legal consultations and assist our clients in initiating bankruptcy proceedings. We offer full support throughout the bankruptcy process, including communication with the bankruptcy administrator, preparation of all necessary documents, and representation of the client's interests in court to ensure the successful completion of the bankruptcy process and the discharge of the client's debts.
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To start the insolvency process of a natural person, a state fee of EUR 70 and an insolvency process deposit in the amount of two minimum monthly salaries (EUR 1400) must be paid.
On average, the insolvency process lasts from one to two years, but the total duration of the process depends on many factors, such as the amount of the debt, the financial situation of the debtor, etc.
The debtor can go through the insolvency process together with his/her spouse/partner or with his/her relative up to the second degree, if each of these persons does not have a possibility to settle debt obligations out of which at least one debt obligation is based on an unsettled ancillary obligation or joint obligation between that person and debtor and debts exceed EUR 5000.
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