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Bankruptcy & Debt law in Piraeus, Greece provides legal procedures for individuals and businesses unable to repay their debts and are seeking relief. Greek bankruptcy laws differentiate between personal and business insolvencies. Personal bankruptcy is referred to as ‘katharismos ofikon’ and involves a complete liquidation of personal assets to repay creditors. On the other hand, business bankruptcy may include a comprehensive debt restructuring, liquidation, or rehabilitation process.
When dealing with bankruptcy and debt situations in Piraeus, Greece, it can be beneficial to have legal assistance for various reasons. This can be particularly important when facing foreclosure, wage garnishment, or repossession. Aside from that, the complexities related to bankruptcy filings, the need for proper negotiation with creditors, or when seeking protection from aggressive creditors requires competent legal aid. A lawyer can also help ensure that all processes are carried out according to Greek bankruptcy law, helping you avoid legal pitfalls.
Greek law regulates the insolvency process strictly. The primary legislation addressing bankruptcy in Greece is the Bankruptcy Code (Law 3588/2007) and the Insolvency Code (Law 3858/2010). They cover both personal and business bankruptcies. By Greek law, debtors in bankruptcy proceedings must fully disclose their financial status and when bankruptcy is declared, various restrictions are put in place affecting the individual’s economic activity. Temporary relief from creditors is granted under a process known as "Automatic Stay" while the case is pending.
When you file for bankruptcy, all your assets are liquidated to pay your creditors. This process is overseen by a bankruptcy trustee assigned by the court.
Generally, Greek law allows for the retention of some basic necessities such as modestly priced housing and vehicle. The exact definitions of what can be retained may depend on specific circumstances and legal advice is strongly recommended.
The duration of the bankruptcy process can vary based on the case's complexity. It usually takes several months to years.
Bankruptcy will inevitably have a negative impact on your credit score. How long it remains on your credit report can depend on the type of bankruptcy.
No, not all debts are dischargeable through bankruptcy. For example, fines, child support, alimony, and certain types of tax debts are typically non-dischargeable.
The Hellenic Ministry of Justice, Transparency, and Human Rights can be a useful resource for legal documentation and laws. The Piraeus Bar Association can assist in finding a local attorney specialized in Bankruptcy & Debt law. The Bank of Greece also provides financial and banking information that may be helpful.
If you need legal assistance in Bankruptcy & Debt in Piraeus, Greece, the first step is to seek legal counsel. Choose a lawyer specialized in Greek Bankruptcy & Debt law who understands your unique situation. Gather all relevant financial documents, formulate your questions, and prepare for an in-depth discussion about your debt situation during your initial consultation.
