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Bankruptcy law in the Hashemite Kingdom of Jordan is governed by the Jordanian Bankruptcy Law No. 25 of 2018. This law aims to provide a legal framework for individuals and businesses facing financial difficulties to restructure their debts and seek a fresh start. Bankruptcy proceedings in Jordan consist of reorganization and liquidation processes, which are overseen by specialized courts.
You may need a lawyer to navigate the complex legal procedures involved in bankruptcy proceedings. A lawyer can help you understand your rights, negotiate with creditors, and represent you in court if necessary. Additionally, a lawyer can provide valuable advice on how to best protect your assets and achieve a successful outcome in your bankruptcy case.
Key aspects of bankruptcy laws in Jordan include the eligibility criteria for bankruptcy, the process for filing bankruptcy petitions, the types of debts that can be discharged, and the rights and obligations of debtors and creditors. It is important to be familiar with these laws to ensure that your rights are protected throughout the bankruptcy process.
In Jordan, individuals or businesses must be insolvent or unable to pay their debts as they become due to be eligible for bankruptcy.
Reorganization aims to help debtors restructure their debts and continue operating their business, while liquidation involves selling off assets to repay creditors and winding up the business.
No, certain types of debts, such as child support payments, student loans, and some tax obligations, may not be discharged in bankruptcy.
The bankruptcy process duration can vary depending on the complexity of the case, but it usually takes several months to a few years to complete.
Yes, debtors in Jordan may also consider debt settlement, debt consolidation, or informal negotiations with creditors as alternatives to filing for bankruptcy.
Once a bankruptcy petition is filed, an automatic stay goes into effect, preventing creditors from taking legal action against debtors without court permission.
Bankruptcy may have long-term implications for debtors, such as a negative impact on credit scores and the potential loss of assets.
Yes, debtors in Jordan can file for bankruptcy again after a previous case, but there may be restrictions on the timing of refiling.
You can ask for recommendations from friends or family, search online legal directories, or contact local bar associations for referrals to reputable bankruptcy lawyers.
The costs of hiring a bankruptcy lawyer in Jordan can vary depending on the complexity of the case and the lawyer's experience. It is important to discuss fees and payment arrangements with potential lawyers before engaging their services.
For more information on bankruptcy in Jordan, you can consult the Jordanian Ministry of Justice's website, the Jordanian Bar Association, or seek advice from legal aid organizations in your area.
If you are considering filing for bankruptcy or need legal assistance with bankruptcy proceedings in Jordan, it is recommended to consult with a qualified bankruptcy lawyer who can guide you through the process and help you achieve the best possible outcome for your financial situation.
