Best Bankruptcy Lawyers in Buenos Aires

About Bankruptcy Law in Buenos Aires, Argentina

Bankruptcy law in Buenos Aires, Argentina, is governed by the National Bankruptcy Law (Ley Nacional de Quiebras) and the Civil and Commercial Code. The main purpose of bankruptcy law is to provide a legal framework for individuals and businesses that are unable to meet their financial obligations to reorganize or liquidate their assets in an orderly manner.

Why You May Need a Lawyer

Seeking legal advice from a lawyer specializing in bankruptcy law is essential in navigating the complex legal procedures involved in bankruptcy. You may need a lawyer if you are facing financial difficulties, considering filing for bankruptcy, or in need of legal representation in court or negotiations with creditors.

Local Laws Overview

In Buenos Aires, Argentina, bankruptcy proceedings are overseen by specialized bankruptcy courts. Some key aspects of local bankruptcy laws include the classification of creditors, the restructuring plan for debt repayment, and the protection of assets during bankruptcy proceedings.

Frequently Asked Questions

1. What types of bankruptcy can individuals file for in Buenos Aires?

Individuals in Buenos Aires can file for bankruptcy under the National Bankruptcy Law, which includes both reorganization (concurso preventivo) and liquidation (quiebra) procedures.

2. How long does the bankruptcy process typically take in Buenos Aires?

The bankruptcy process in Buenos Aires can vary in duration depending on the complexity of the case. Reorganization proceedings may take several months to a few years, while liquidation proceedings can take longer.

3. Will I lose all my assets if I file for bankruptcy in Buenos Aires?

Not necessarily. The bankruptcy law in Buenos Aires allows for the protection of certain assets, such as a primary residence and essential personal belongings, depending on the type of bankruptcy filed.

4. Can I continue to operate my business during bankruptcy proceedings?

In some cases, individuals and businesses can continue to operate during bankruptcy proceedings, especially under reorganization procedures where a restructuring plan is in place.

5. Will filing for bankruptcy affect my credit score in Buenos Aires?

Filing for bankruptcy may have a negative impact on your credit score, but it is possible to rebuild your credit over time with responsible financial management.

6. Can creditors still pursue me for debt after bankruptcy in Buenos Aires?

Creditors are generally prohibited from pursuing individuals for debt that is included in the bankruptcy proceedings, but there may be exceptions based on the type of debt and the bankruptcy plan approved by the court.

7. How can a lawyer help me with bankruptcy in Buenos Aires?

A lawyer specializing in bankruptcy can provide legal advice on the best course of action, assist with filing bankruptcy petitions, represent you in court proceedings, negotiate with creditors, and help develop a restructuring plan.

8. What are the costs associated with hiring a bankruptcy lawyer in Buenos Aires?

The costs of hiring a bankruptcy lawyer in Buenos Aires can vary depending on the complexity of the case and the lawyer's experience. It is important to discuss fees and payment options with your lawyer upfront.

9. Are there any alternatives to bankruptcy in Buenos Aires?

Yes, there are alternative solutions to bankruptcy, such as debt restructuring, negotiation with creditors, or seeking financial counseling. A lawyer can help you explore these options before considering bankruptcy.

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

You can start by asking for recommendations from friends, family, or colleagues who have had experience with bankruptcy lawyers. You can also research online directories, legal associations, or consult with a local bar association for referrals.

Additional Resources

For more information on bankruptcy law in Buenos Aires, Argentina, you can visit the National Bankruptcy Law website (www.leyquiebras.gov.ar) or contact the Buenos Aires Bar Association for legal referrals and resources.

Next Steps

If you are facing financial difficulties and considering bankruptcy in Buenos Aires, it is important to seek legal advice from a qualified bankruptcy lawyer. Schedule a consultation to discuss your options, rights, and obligations under the bankruptcy law to make informed decisions about your financial future.