Best Bankruptcy & Debt Lawyers in Taiwan

About Bankruptcy & Debt Law in Taiwan:

Bankruptcy & Debt law in Taiwan governs the legal processes for individuals and companies facing financial difficulties. It provides mechanisms for debt relief, restructuring, and resolution in cases of insolvency.

Why You May Need a Lawyer:

Legal assistance may be necessary for negotiating with creditors, filing for bankruptcy, understanding your rights and obligations under the law, and ensuring that your interests are protected throughout the legal proceedings.

Local Laws Overview:

In Taiwan, the Bankruptcy Act and the Company Act govern matters related to bankruptcy and debt. Key aspects include the process for declaring bankruptcy, protection of assets, debt restructuring, and the rights of creditors and debtors.

Frequently Asked Questions:

1. What are the grounds for declaring bankruptcy in Taiwan?

In Taiwan, bankruptcy can be declared when a debtor is unable to pay their debts as they become due.

2. What is the difference between reorganization and liquidation in bankruptcy cases?

Reorganization involves restructuring debts and business operations to continue operations, whereas liquidation involves selling off assets to pay creditors and winding up the business.

3. Can individuals file for bankruptcy in Taiwan?

Yes, both individuals and companies can file for bankruptcy in Taiwan.

4. How does bankruptcy affect my credit score in Taiwan?

Bankruptcy can have a significant negative impact on your credit score and may affect your ability to obtain credit in the future.

5. What are the responsibilities of a bankruptcy lawyer in Taiwan?

A bankruptcy lawyer can help you navigate the legal process, protect your rights, negotiate with creditors, and ensure compliance with the law.

6. Can creditors seize my assets in Taiwan if I declare bankruptcy?

Depending on the type of bankruptcy filed, some assets may be liquidated to pay off debts, while others may be protected under the law.

7. How long does the bankruptcy process typically take in Taiwan?

The duration of the bankruptcy process can vary depending on the complexity of the case, but it generally takes several months to several years to resolve.

8. Can I reopen a bankruptcy case in Taiwan if new information comes to light?

In some cases, a bankruptcy case can be reopened if there is new evidence or a change in circumstances that warrant reconsideration.

9. What are the alternatives to declaring bankruptcy in Taiwan?

Alternatives to bankruptcy in Taiwan may include debt restructuring, negotiation with creditors, debt consolidation, or seeking financial counseling.

10. How can I find a reputable bankruptcy lawyer in Taiwan?

You can seek recommendations from friends or colleagues, consult legal directories, or contact the Taiwan Bar Association for referrals to qualified bankruptcy lawyers.

Additional Resources:

For more information on bankruptcy and debt in Taiwan, you can visit the Ministry of Justice website or seek assistance from the Judicial Yuan or local legal aid organizations.

Next Steps:

If you require legal assistance in bankruptcy and debt matters in Taiwan, it is advisable to consult with a qualified lawyer who specializes in this area of law. They can provide personalized advice and guidance based on your specific circumstances.