About Bankruptcy & Debt Law in Athens, Greece
Bankruptcy and debt law in Athens, Greece, involve the processes whereby an individual or business who cannot pay their debts can seek relief. Bankruptcy can eliminate most of your debt and help you have a fresh start, but it can also have long-term effects on your credit and assets. This complex area of law follows both Greek law and EU regulations. It is important to work with an experienced lawyer to find the most efficient process and ward off potential pitfalls.
Why You May Need a Lawyer
Relevant circumstances include seeking protection from creditors, navigating the insolvency process, or wanting to establish feasible repayment plans. Furthermore, a lawyer can help avoid legal complications, ensure correct filing, protect your rights, and guide you towards the best possible outcomes. Effectively managing debt and bankruptcy isn't a simple process, it is essential to gain professional legal advice to understand the consequences and potential advantages.
Local Laws Overview
Greece has introduced many laws for bankruptcy and debt including Law 3869/2010 for private debt and Law 4336/2015 for company debt. These laws touched on newer topics such as debt relief, rehabilitation, mediation and the option for an out-of-court debt settlement. Being under the EU, Greek bankruptcy laws also follow the European Insolvency Regulation which has specific rules for businesses with cross-border operations.
Frequently Asked Questions
Can all debts be discharged through bankruptcy?
No, not all debts can be discharged. Obligations like alimony, child support, some tax debts and student loans are usually not eligible for discharge.
What is the difference between liquidation and reorganization?
Liquidation involves selling non-exempt assets to repay as much debt as possible, then discharging the rest. Reorganization involves creating a plan to repay the debt within a certain period, around 3-5 years.
What are the consequences of bankruptcy?
While bankruptcy can provide relief from debt, it will have a significant impact on your credit rating which may affect your ability to borrow in the future. This remains on the record for 7-10 years.
When should someone consider bankruptcy?
If debts are overwhelming and you're unable to meet your obligations, bankruptcy might be an option. It's advisable to first consider other debt management options.
Will I lose all my property if I declare bankruptcy?
Not necessarily, certain essential items may be protected, but it depends on your specific circumstances and Greek exemptions.
Additional Resources
The 'Bankruptcy and Executional Law of Greece' book and 'GreekDox Thraki' for legal documents, forms, and templates. For professional freelance lawyers, you might want to look at the Athens Bar Association.
Next Steps
Seek a qualified bankruptcy attorney to discuss your options and to help determine if bankruptcy is right for you. Preparing a list of debts, assets, income, expenses and a summary of financial transactions over the last two years will be of great help. Remember, the aim is to rid yourself of unbearable debt, not to further plunge into financial turmoil.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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