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In Athens, Greece, bankruptcy laws are designed to offer relief to both individuals and corporations who are unable to meet their financial obligations. These laws are in place to offer an opportunity for a "fresh start" by eliminating most debts, while protecting the rights of creditors. The process of filing for bankruptcy in Greece is a complex one, often requiring negotiations with numerous creditors, strict regulatory compliances, and the involvement of a Greek court.
Bankruptcy law is highly complex and nuanced. Individuals or businesses may find themselves needing a lawyer to navigate through this complex process. Situations where one might need a lawyer include inability to repay debts, dealing with harassment from debt collectors, risk of foreclosure of your property, desire to understand the legal implications of bankruptcy, and need for representation in court. A lawyer can protect your rights, negotiate with creditors on your behalf and provide guidance for the best possible outcome.
Greek Bankruptcy Law, also known as the Greek Insolvency Code, governs bankruptcy in Athens. According to the code, there are several forms of bankruptcy, including both liquidation and reorganization. One key aspect is that creditors must be treated evenly. If a debtor has enough assets, they must be distributed proportionally among all creditors. Moreover, certain debts such as taxes, social security obligations, alimony, etc., cannot be discharged in bankruptcy. A debtor may also be required to follow a repayment plan depending on their income and amount of debt.
No, certain debts such as taxes, social security obligations, alimony among others cannot be discharged in bankruptcy.
A lawyer can help you understand your rights, represent you in court, negotiate with your creditors, and guide you through the complex process of bankruptcy.
What happens to your property largely depends on the specific circumstances of your case. Certain assets may be sold to repay your debts, while others may be protected.
Yes, both individuals and business entities can file for bankruptcy in Greece.
Bankruptcy can eliminate most, but not all of your debts. Some, like alimony, child support, certain taxes, are not dischargeable.
For more detailed information about bankruptcy laws in Greece, you may want to consult the Greek bankruptcy code or contact the Ministry of Justice. Organizations such as the Athens Bar Association can also provide valuable guidance and resource references.
If you find yourself needing legal assistance in filing for bankruptcy, it’s crucial to consult a lawyer experienced in Greek bankruptcy law. They can guide you through all the necessary steps and ensure that you understand your legal obligations and rights.
