Best Bankruptcy & Debt Lawyers in Amman

About Bankruptcy & Debt Law in Amman, Hashemite Kingdom of Jordan

Bankruptcy & Debt law in Amman, Hashemite Kingdom of Jordan deals with the legal processes and regulations surrounding individuals or businesses facing financial difficulties and unable to repay their debts. It provides a framework for resolving debt-related issues, protecting creditors' rights, and offering relief to debtors.

Why You May Need a Lawyer

There are several situations where it is advisable to seek legal help in Bankruptcy & Debt matters in Amman:

• If you are considering filing for bankruptcy and need guidance on the appropriate steps to take.
• If you are a creditor seeking to recover your debts and want assistance with debt collection or negotiations.
• If you are facing legal action by creditors or debt collectors and require representation to protect your rights and interests.
• If you are dealing with complex financial issues and need professional advice to navigate through the legal complexities.
• If you need assistance with drafting or reviewing contracts, agreements, or repayment plans related to debt.

Local Laws Overview

In Amman, Hashemite Kingdom of Jordan, some key aspects of the Bankruptcy & Debt laws include:

• Bankruptcy proceedings are mainly governed by the Jordanian Bankruptcy Law, enacted in 2018.
• There are different types of bankruptcy, including individual, corporate, and settlement bankruptcy.
• The court oversees bankruptcy proceedings and appoints a trustee to manage the debtor's assets.
• Debtors may be eligible for bankruptcy discharge after fulfilling certain conditions outlined in the law.
• Various reorganization and rehabilitation options are available to debtors to help them repay their debts, such as debt settlement agreements.
• Creditors have rights to file claims and participate in bankruptcy proceedings to recover their debts.

Frequently Asked Questions

1. Can I file for bankruptcy in Amman, Hashemite Kingdom of Jordan as an individual?

Yes, individuals facing overwhelming debt can file for bankruptcy in Amman. The Jordanian Bankruptcy Law provides provisions for individual bankruptcy proceedings.

2. What is the role of a bankruptcy trustee?

A bankruptcy trustee is appointed by the court to manage the debtor's assets, investigate the debtor's financial affairs, and distribute the proceeds to creditors in accordance with the law.

3. How long does a bankruptcy filing stay on my credit report?

In Amman, a bankruptcy filing may remain on your credit report for a period of five years from the date of discharge.

4. Can I continue operating my business during bankruptcy proceedings?

Depending on the circumstances, you may be able to continue operating your business under the supervision of the bankruptcy trustee. However, certain restrictions and obligations may apply.

5. Are all debts dischargeable in bankruptcy?

No, not all debts can be discharged in bankruptcy. Some common non-dischargeable debts include government debts, child support payments, and certain types of taxes. It is best to consult with a lawyer to understand which debts are dischargeable in your specific situation.

Additional Resources

• Ministry of Justice Jordan: https://moj.gov.jo/
• Jordan Bar Association: https://www.jordanbar.org/
• Jordan Bankruptcy Law (Arabic): https://www.jordanbar.org/sites/default/files/law_on_bankruptcy.pdf

Next Steps

If you require legal assistance in Bankruptcy & Debt matters in Amman, it is advisable to:

• Research and identify reputable bankruptcy lawyers or law firms experienced in handling bankruptcy cases.
• Consult with a lawyer to discuss your specific situation and receive personalized legal advice.
• Provide the necessary documentation and information requested by the lawyer to assess your case.
• Discuss the lawyer's fees and any potential payment arrangements.
• Collaborate closely with your lawyer throughout the legal process and follow their guidance.