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Got into a loop of debt? There are quite a few good solutions - Walla! Sentence

2021-07-23T05:12:58.483Z


An insolvency procedure is one option for getting out of debt, but there are other options that you may want to check before. What is suitable for whom and how is the process conducted? Adv. Noam Avraham came to the studio to explain


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Got into a loop of debt?

There are quite a few good solutions

An insolvency procedure is one option for getting out of debt, but there are other options that you may want to check before.

What is suitable for whom and how is the process conducted?

Adv. Noam Avraham came to the studio to explain

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  • Insolvency

In conjunction with Legal Zap

Thursday, 08 July 2021, 13:14 Updated: 13:16

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In the video: When to go into insolvency proceedings?

(Walla Studio!)

Many Israelis find themselves in debt for various reasons, such as layoffs, a closed business or inability to repay previous loans. But when does a legitimate debt become a matter that requires legal clarification and can non-compliance with the debt payment become a criminal act? To the studio came Noam Abraham, specializing in the representation must, in execution proceedings and insolvency to elaborate.



Who in your eyes are considered to have about and which institutions it set?



"Contrary to conventional wisdom, must not only from data for many years in the execution, Under foreclosures and restrictions. Most of the debtors we accompany in the process of debt settlement are 'normative' people. The implication is that before the entanglement, they did not even know what debts and execution were, but got into a process where they gave more and more commitments and took out loans, instead of stopping and checking if they had the ability to repay the loan.



They were caught in a bluff and reached the monthly repayments that have left them with no disposable income, and the next step is that the bank identifies the process, turn off the water and begin arrears and how execution is very fast. "



What the previous proceedings executed and when to go insolvent?



" We turn to bankruptcy as a last resort And check every possible procedure before it. Not that it is the end of the world. In fact, it has quite a few advantages in the new law, but it is less suitable for some people. There is a possibility of negotiation, which is a much faster procedure than insolvency, where there are investigative aspects. Those who get involved are required in an insolvency proceeding to disclose what they have and this of course involves the court as well.



In contrast, in conducting negotiations, everything is done out of courtrooms and does not stick to the stain of bankruptcy, which people fear. We conduct the negotiations on behalf of the client. There are many people who try to negotiate on their own and get along with creditors separately, without giving a comprehensive solution. The trick is to take all the creditors, treat them as difficult and do root canal treatment, leaving not even one or two creditors, because they can continue to disrupt your life with foreclosures and restrictions. "



What happens if there is no way other than insolvency?



" If there is no other solution, insolvency It's perfect because it provides quiet. The procedure freezes all other proceedings and once you start, it is not possible to make a foreclosure on your salary or bank account or a restriction on a driver's license. So first of all there is silence. The other important element is the right of the business that has become entangled to recover and recover financially. This has consequences that are already being seen in the courts today. All looking at the event as an economic accident is important. We want the debtor to return to the company and recover. "



What are the consequences when a person goes into insolvency proceedings?



"Once you want to settle the debts, the state is with you, but you must act transparently. You are protected, but there are also debts. You can not use credit cards or checks, and you can only manage a bank account with a credit balance. Once you finish the process, it changes ".



At what stage would you recommend requiring legal advice?



"It's always worthwhile to anticipate a cure for a mecca. People come to us sometimes when they realize that in the near future they are going to get into trouble. We provide a protective shell and they hardly feel the entanglement like that."



Article courtesy of Zap Legal The



information presented in this 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

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Source: walla

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