About Bankruptcy & Debt Law in Lausanne, Switzerland:
The federal laws in Switzerland govern the bankruptcy and debt proceedings in all places, including Lausanne. Both individuals and businesses may declare bankruptcy if they are unable to pay their debts. In case of bankruptcy, a liquidation process will take place, often resulting in the selling of the debtor's assets to repay the creditors. For personal indebtedness, debt restructuring is possible which permits the debtor to manage their finances and systematically reduce debts over time.
Why You May Need a Lawyer:
Bankruptcy and debt matters can be complex, and navigating the legal framework on your own can be challenging and stressful. A lawyer can support you in several ways; assessing your financial situation, advising on the best course of action, assisting with paperwork, representing you in court, and negotiating with creditors. But most importantly, they can guide you through processes like debt restructuring or liquidation plan strategies.
Local Laws Overview:
According to Swiss law, if your debts exceed your assets and you are unable to meet your immediate payment obligations, you are considered bankrupt. In case of businesses, bankruptcy can be declared by the individual, company or on the request of a creditor. For individuals, debt restructuring procedures can be initiated instead of declaring bankruptcy, provided they can demonstrate their incapability to meet debt obligations. Failure to report insolvency can result in criminal charges.
Frequently Asked Questions:
What is the procedure for declaring bankruptcy in Lausanne?
You can declare bankruptcy by contacting the District Court that has jurisdiction where you live. A legal notice will then be issued for the commencement of your bankruptcy procedure.
Can I keep my house during the bankruptcy process?
Whether you can keep your house during bankruptcy often depends on its equity. It's recommended to check this with a lawyer.
Will declaring bankruptcy clear all my debts?
Not all debts may be discharged in bankruptcy. Secured debts, child support, and some tax debts are common types which can't be cleared through bankruptcy.
Can I start a new business after bankruptcy?
Yes, you can start a new business, but obtaining financing might be challenging due to the impact of bankruptcy on your credit report.
How long does bankruptcy impact my credit report in Switzerland?
Bankruptcies can remain on your credit report for several years, potentially affecting your ability to get credit during that time.
Additional Resources:
Switzerland's Federal Office of Justice provides information on bankruptcy and debt collection, and the Swiss Financial Market Supervisory Authority also offers resources. For tailored advice, associations like the Swiss Bar Association can help you find a lawyer specializing in bankruptcy law.
Next Steps:
If you need legal assistance with bankruptcy or debt matters, consider contacting a lawyer who specializes in this area. They can provide detailed advice, guide you through the process and represent your interests. It's advisable to prepare all relevant information about your financial situation before your initial consultation to make the process more efficient.
Disclaimer:
The information provided on this page is intended for informational purposes only and should not be
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frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal
professionals for specific advice tailored to your situation.
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