Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Or refine your search by selecting a city:
Refine your search by selecting a city.
Bankruptcy law in Hungary provides legal pathways for individuals and businesses struggling with overwhelming debt to seek relief and financial restructuring. It allows debtors to either eliminate debts or repay them under the protection of the court. Bankruptcy proceedings in Hungary are governed by the Bankruptcy Act. It is essential to understand the legal processes involved and seek appropriate legal advice to navigate through such challenging times.
While filing for bankruptcy in Hungary is possible without legal representation, there are several reasons why you may need to hire a lawyer:
Key aspects of bankruptcy law in Hungary include:
In Hungary, individuals can file for either liquidation bankruptcy (felszámolási eljárás) or reorganization bankruptcy (csődeljárás).
Bankruptcy may result in the liquidation of assets to repay creditors, but certain assets like necessary personal belongings and tools for work may be exempt.
Depending on the type of bankruptcy filed, you may be able to continue operating your business under the supervision of the court.
The duration of bankruptcy proceedings in Hungary varies depending on the complexity of the case but can last from several months to a few years.
No, creditors are prohibited from harassing debtors during bankruptcy proceedings, and legal action can be taken against them if they violate such regulations.
Yes, individuals can file for bankruptcy multiple times in Hungary, but certain conditions must be met, and the consequences may differ from the previous bankruptcy.
Yes, filing for bankruptcy in Hungary will negatively impact your credit score for a certain period, making it difficult to obtain loans or credit in the future.
No, all debts must be included in the bankruptcy filing in Hungary, and non-disclosure of debts may lead to legal consequences.
After the bankruptcy process is completed, the court will issue a final order, and the debtor may be discharged from certain debts or obligations, allowing for a fresh financial start.
You can search for bankruptcy lawyers in Hungary through legal directories, bar associations, or recommendations from friends and family. It is essential to choose a lawyer with experience in bankruptcy law and a good track record of handling similar cases.
For more information on bankruptcy law and procedures in Hungary, you can contact the Hungarian Bar Association or visit the official website of the Hungarian Courts for resources and references.
If you are facing financial difficulties and considering bankruptcy in Hungary, it is crucial to seek legal advice from a qualified lawyer specializing in bankruptcy law. They can assess your situation, guide you through the legal process, and help you make informed decisions to resolve your financial challenges effectively.
