For
the reason of low income, building or buying housing, buying a car due to own
accumulation is almost impossible. The most common way to solve the problems is
take a mortgage loan or leasing in the bank. Currently, the banking sector
offers plenty of attractive credit programs for the population in terms of
buying cars and housing in new buildings or in the secondary market of real
estate. The advantage of mortgage loan is the ability to move and live in the
new housing right after the registration on the mortgage; however, it is
necessary to consider that the housing acts as pledge according to such
transaction.

If
the loan is issued, it is worth remembering that there is always a risk that
paying a monthly fee would be impossible, because of job loss or other
unforeseen circumstances. In other words, if the client becomes insolvent, then
the bank can impose fines and collect a subject of pledge through the court.
Quite often collected percent on a mortgage accrued by the bank grow to the
considerable sum, and the market value of the apartment or the car, realized
after collection, cannot cover the full amount of the debt. In the end, the
client of the bank is not only left without housing, but also gets to debt
dependence for many years.

<h2>What to do in this situation? There is a solution!</h2>

In
accordance with the insolvency Law of Latvia, the debtor-private person may
apply to the court to begin insolvency process, if he is not able to repay its
debt obligations, which term of performance has already come, and size of which
is at least 5 000 EUR, or deadline to the debt obligations will occur within
one year and the size of which is 10 000 EUR.

<h2>If
the court makes the positive decision and will declare the insolvency process
of a private person:</h2>

<h2></h2><ul><li>The insolvency process
consists of two successive stages: procedure of bankruptcy and the procedure
for repayment of obligations of the debtor. </li><li>During the process of
bankruptcy, the issues concerning the existing property of the debtor will be
resolved. </li><li>In the process of
repayment of the obligations, the debtor will repay part of its debt
obligations to creditors according to his financial capabilities. </li><li>At the end of the
process of repayment, if the conditions for insolvency are met, all debt
liabilities of a debtor will be repaid. </li></ul>Bankruptcy of private persons — is one of the prior and popular services
of the law office <a target="_blank" href="http://www.inlatplusinter.lv/eng/">INLAT PLUS international. </a>

We
will help you to cope with the debt and start life with a clean slate without a
single debt! We will carefully analyze your problem and find the correct path
and decision.

Contact information

In
order to get a free consultation and additional information you can contact us
by phone, email or coming to our INLAT
PLUS international office:

Mobile
phone number: (+371) 

296 216 15



E-mail:
info@inlatplusinter.lv<a target="_blank" href="http://www.inlatplusinter.lv/eng/">www.inlatplusinter.lv</a>

Address:
Krišjāņa Valdemāra iela 38-612, Riga, Latvia

Law Office “INLAT PLUS international”, juridiskais birojs

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For the reason of low income, building or buying housing, buying a car due to own accumulation is almost impossible. The most common way to solve the problems is take...

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