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Bankruptcy law in Aba, and by extension Nigeria, focuses on a legal declaration of an individual's or company's inability to repay their outstanding debts. The Nigerian Insolvency Act regulates the process, and it is a complex system that protects both the debtor and creditor. It aims to alleviate debt burdens and ensure a fair distribution of assets among creditors. Bankruptcy cases can be highly complicated, and legal advice is usually necessary.
You may need a lawyer for several bankruptcy related situations. You might be a debtor facing harassment from creditors and needing legal protection. Perhaps you're considering filing for bankruptcy and need advice on whether it is the right course of action, or which type of bankruptcy to file. Owing to the complex nature of bankruptcy law, having a competent lawyer who understands the system could make a huge difference in protecting your interests and rights.
The Nigerian Insolvency Act guides bankruptcy law in Nigeria. One key aspect is that individuals cannot declare bankruptcy; instead, they are deemed insolvent. Companies, on the other hand, go into liquidation. The Insolvency Act prescribes two types of bankruptcy procedures; the official management and receivership. A court can impose either upon the application of the debtor, the creditor, or both.
No, not all debts can be discharged in bankruptcy. Certain debts like tax debts, student loans, and child support obligations cannot be discharged under Nigerian law.
Bankruptcy applies to companies in Nigeria, while insolvency applies to individuals. A business may go into liquidation (bankruptcy), while individuals can only be declared insolvent.
The timeline varies based on the case's complexity, but it typically takes a few months to a couple of years. This is why having a lawyer's guidance is critical.
Yes, filing bankruptcy can negatively impact your credit score for several years, underlining the importance of seeking legal advice before proceeding.
Filing for bankruptcy can help restructure your business debts under supervision and protection of the court, which can possibly save your business. Legal advice is encouraged to fully explore this option.
A helpful resource for legal advice in bankruptcy cases is the Nigerian Insolvency Act and the official court procedures. These documents outline the law's basics and provide information about all the legal avenues available. The Nigerian Bar Association can also provide guidance on finding a suitable attorney for your case.
If you believe you need legal assistance in bankruptcy, the first step is to consult with a practiced bankruptcy lawyer. They can evaluate your situation, guide you through the ins and outs of the law, and represent your interests in court if necessary. Remember, bankruptcy is a serious legal matter and should be handled with the guidance of a seasoned professional.
