Best Bankruptcy & Debt Lawyers in Sri Lanka

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Neelakandan & Neelakandan

Neelakandan & Neelakandan

Colombo, Sri Lanka

Founded in 1962
200 people in their team
Neelakandan & Neelakandan (formerly Murugesu & Neelakandan) is one of the leading and oldest full-service law firms in Sri Lanka and has been...
Sinhala
English
de Livera Associates

de Livera Associates

Colombo, Sri Lanka

Founded in 1872
200 people in their team
HISTORY & LEGAL INSPIRATIONThe Firm of De Livera Associates was founded, by Solomon Christoffel Obeyesekere De Livera, popularly known as Christo...
Sinhala
English
Tamil
Continental Law AssocIates

Continental Law AssocIates

Colombo, Sri Lanka

Founded in 2000
50 people in their team
ABOUT USEstablished in the year 2000, we take pride in our nearly two decades long legal practice providing feasible solutions to the legal needs of...
Sinhala
English
Tamil

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About Bankruptcy & Debt Law in Sri Lanka:

Bankruptcy & Debt law in Sri Lanka governs the procedures and regulations surrounding individuals and businesses facing financial distress. It provides a legal framework for managing debt, liquidating assets, and finding solutions to financial challenges.

Why You May Need a Lawyer:

You may need a lawyer in Bankruptcy & Debt cases to navigate complex legal processes, protect your rights, negotiate with creditors, and ensure the best possible outcome for your financial situation. A lawyer can provide guidance, representation, and support throughout the entire process.

Local Laws Overview:

In Sri Lanka, the Insolvency Ordinance and the Companies Act are key pieces of legislation that govern Bankruptcy & Debt matters. These laws outline the procedures for declaring bankruptcy, debt restructuring, and creditor rights. It is important to understand these laws to effectively address your financial challenges.

Frequently Asked Questions:

1. What is bankruptcy?

Bankruptcy is a legal process where an individual or business declares that they are unable to repay their debts. It involves liquidating assets to pay off creditors or creating a repayment plan under the supervision of the court.

2. How do I know if I should file for bankruptcy?

If you are struggling to repay your debts, facing legal action from creditors, or experiencing financial hardship, you may consider filing for bankruptcy. It is advisable to consult with a lawyer to explore your options.

3. What are my alternatives to bankruptcy?

Alternatives to bankruptcy include debt consolidation, debt negotiation, and debt settlement. These options may help you avoid bankruptcy and manage your debts more effectively. A lawyer can assist you in exploring these alternatives.

4. Will filing for bankruptcy affect my credit score?

Filing for bankruptcy will negatively impact your credit score. However, it provides a fresh start for managing your debts and rebuilding your financial situation over time.

5. Can all debts be discharged in bankruptcy?

Not all debts can be discharged in bankruptcy, such as child support, alimony, student loans, and certain tax debts. It is essential to consult with a lawyer to understand which debts can be discharged in your specific situation.

6. How long does the bankruptcy process take?

The bankruptcy process duration varies depending on the type of bankruptcy filed. Chapter 7 bankruptcy typically lasts for a few months, while Chapter 13 bankruptcy may take three to five years to complete.

7. What happens to my assets in bankruptcy?

In bankruptcy, your assets may be liquidated to repay creditors in Chapter 7 bankruptcy. In Chapter 13 bankruptcy, you may keep your assets and repay debts through a court-approved repayment plan.

8. Can I file for bankruptcy on my own?

While you can file for bankruptcy on your own without a lawyer, it is advisable to seek legal guidance to navigate the complexities of the legal process, protect your rights, and achieve the best possible outcome for your financial situation.

9. Will I lose my job if I file for bankruptcy?

Employers are prohibited from discriminating against employees based on their bankruptcy filing. Filing for bankruptcy should not directly impact your current employment status.

10. How can a lawyer help me in Bankruptcy & Debt matters?

A lawyer can provide legal advice, represent you in court proceedings, negotiate with creditors on your behalf, assist in creating a debt repayment plan, and ensure that your rights are protected throughout the bankruptcy process.

Additional Resources:

For more information on Bankruptcy & Debt in Sri Lanka, you can visit the Department of the Registrar of Companies, the Central Bank of Sri Lanka, and seek guidance from legal aid organizations such as the Sri Lanka Bar Association.

Next Steps:

If you are facing financial challenges, considering bankruptcy, or need legal assistance in Bankruptcy & Debt matters, it is recommended to consult with a qualified lawyer who specializes in this field. A lawyer can assess your situation, provide personalized advice, and help you navigate the legal process effectively.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.