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Browse our 1 legal question about Bankruptcy & Debt in Greece and the lawyer answers, or ask your own questions for free.
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.
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.
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.
No, not all debts can be discharged. Obligations like alimony, child support, some tax debts and student loans are usually not eligible for discharge.
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.
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.
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.
Not necessarily, certain essential items may be protected, but it depends on your specific circumstances and Greek exemptions.
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.
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.
