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Tangerang, Indonesia Attorneys in related practice areas.
Bankruptcy & Debt law in Tangerang, Indonesia is governed by the Law of The Republic Of Indonesia Number 37 of 2004 about Bankruptcy and Suspension of Payment (PKPU). It facilitates the process where an insolvent debtor surrenders their remaining assets to the court for distribution amongst creditors, or undergoes a debt repayment plan. Understanding this law, whether you're a debtor, creditor, or an entrepreneur is essential for informed decision making.
Bankruptcy and debt laws are complex and navigating them requires specialized knowledge. If you're overwhelmed by debt, a lawyer could help you assess the feasibility of bankruptcy and explore other debt management options. For creditors, expert legal guidance ensures you comply with existing regulations while trying to recoup money owed to you. Business owners may need a lawyer for advice on protecting their investments and navigating financial crises.
Bankruptcy in Tangerang Indonesia is based on insolvency, verified when a debtor has more than one creditor and has not paid a due debt for at least one year. The declaration of bankruptcy results in all of the debtor's assets being handed over to a curator appointed by the court who then liquidates assets to pay for the bankruptcy costs and repay creditors. PKPU allows debtors to avoid bankruptcy through a debt repayment plan agreed by creditors and ratified by the court.
No, not all debts are dischargeable in a bankruptcy process. Certain types of debts such as tax debt, alimony, and child support obligations cannot be discharged.
No, a debtor is allowed to retain certain exempt property. The extent of these exceptions varies and a lawyer can guide you on this.
PKPU is a process wherein a financially distressed debtor or their creditors can propose a repayment plan. If most creditors (in numbers and value) agree to the plan and it is ratified by the court, it can be executed, thus avoiding bankruptcy.
Yes, businesses can file for bankruptcy if they can’t meet their financial obligations. It's recommended for businesses to seek legal advice to understand the implications better.
Bankruptcy will stay on your credit report for 7-10 years, making it difficult to obtain credit during that period.
The Financial Services Authority of Indonesia (OJK) is a helpful resource for understanding bankruptcy. You may also consult the Indonesian Creditor Association that provides access to several resources related to debt.(These websites are in Indonesian and may need translation)
If you're facing bankruptcy or debt issues, it's advised to consult a lawyer versed in Indonesian Bankruptcy Law. They'll guide you on eligibility, the process, and the implications of bankruptcy or PKPU. Becoming informed is the first step in successfully navigating financial challenges.
