Unpleasant - not the end of the world: this is how you will deal with the debts you have incurred
Even people who try to conduct themselves financially properly can make mistakes and get into debt. It is important to know that this situation is not the end of the world and that you have ways to deal with the crisis. Advocate Iris Shrikki explains the options available to you
Unpleasant - not the end of the world: this is how you will deal with the debts you have incurred
In the video: Adv. Iris Shrikki on debt settlement proceedings (Walla system!)We all try to conduct ourselves properly in financial matters, but sometimes mistakes are made and there are those who unfortunately find themselves in debt. Although the situation may not seem simple at times, there are things that can be done to recover.
Advocate Iris Shrikki, who specializes in execution and debt settlement, explains that the first thing a debtor should do is not ignore the debt and not neglect to handle it, but start looking for ways to handle the debt. The first thing to consider is contacting a creditor and trying to settle the debt. Independently, look for ways to reach a compromise and from there move on. "Once the debt is not resolved, we find ourselves in a wheel that only intensifies over time," says Attorney Shrikki.
According to Adv. Shrikki, as soon as an execution case is opened to the debtor, he has the option of applying to the Registrar of Execution to settle the debt. Apply for a payment order and attach documents that support his request. The application then passes to the registrar who determines an order according to which the debtor should pay according to his financial situation and income.
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To the full articleAdv. Shrikki lists the tracks that the legal system presents to debtors. The first track is a request for debt settlement from the Execution, as detailed above. Another track is a case consolidation case in case the debtor has accumulated more than one debt. The third option, according to the law coming into force in September 2019 is Insolvency Procedure.
The Insolvency Law divides debtors into two tracks, one of which is a track for debtors of NIS 50,000-150,000 that goes through execution. With a debt of over NIS 150,000, the proceedings are ongoing in the Magistrate's Court. In an insolvency proceeding, the debtor's debts are settled in an orderly proceeding that lasts about four years, at the end of which the debtor embarks on a new path when he is free of debts.
Adv. Shrikki says that it is recommended to contact an attorney who deals with the field of execution who knows how to give a specific and inclusive solution to the problem. According to her, in many cases it is worth examining individual arrangements that often lead to a quicker and better outcome for all parties.
Adv. Iris Shrikki
Phone - 053-6114577
Article courtesy of Zap Legal
The information presented in the article does not constitute legal advice or a substitute for it and does not constitute a recommendation for taking proceedings or avoiding proceedings. Anyone who relies on the information in the article does so at his own risk