About Bankruptcy Law in Krakow, Poland
Bankruptcy law in Krakow, Poland, like the rest of the country, allows businesses or individuals to decrease, reorganize, or eliminate their debt while providing protection and a fair treatment to creditors. This procedure can occur when a firm or individual can't pay their outstanding debts. The legal proceedings are carried out in Polish courts and, in Krakow, they typically fall under the jurisdiction of the Krakow District Court.
Why You May Need a Lawyer
Understanding and navigating bankruptcy laws can be a complicated process. A lawyer can help you understand your legal rights, evaluate your financial situation, and guide you through the necessary legal procedures. In cases of company bankruptcy, a lawyer may be crucial to assess the best course of action for the business, including liquidation or debt restructuring. For individuals, a lawyer can help in discerning whether or not bankruptcy is the most suitable solution for their financial plight.
Local Laws Overview
According to the Polish Bankruptcy Law, two types of bankruptcy filings are possible - liquidation (likely in case of insolvency), and arrangement proceedings (possible for debtors facing temporary financial difficulties, but are likely to overcome them). The latter allows businesses to continue operating while negotiating with creditors. Additionally, the legal process allows the debtor to attempt debt relief through selling their assets. Bear in mind that bankruptcy affects credit rating and may follow an individual for years. Legal advice can be crucial in minimizing these effects.
Frequently Asked Questions
1. Can any business or individual file for bankruptcy in Poland?
Yes, both businesses and individuals can file for bankruptcy, provided they meet the criteria set forth in the Polish Bankruptcy and Recovery Law.
2. Does bankruptcy mean I will lose everything?
Not necessarily. There is a possibility to retain some exempt property, such as clothes, furniture and other necessities.
3. How long does a bankruptcy filing stay on my credit report in Poland?
A bankruptcy filing can stay on your credit report for up to 10 years.
4. Can I get rid of all types of debt through bankruptcy?
No, certain types of debts, such as recent taxes, child support, and student loans, are usually not wiped out in bankruptcy.
5. Do I need a lawyer to file for bankruptcy?
While it's not legally required, it's strongly advisable to have a lawyer guide you through the process to ensure all steps are properly followed.
Additional Resources
The Polish Financial Supervision Authority (KNF) provides robust guidance and resources related to bankruptcy and recovery law. Polish Ministry of Justice's website can give comprehensive information on bankruptcy procedures in Krakow, and across Poland.
Next Steps
If you are facing bankruptcy in Krakow, Poland, your first step should be consultation with an experienced lawyer. Whether you are an individual or a business, the legal advice and representation of a lawyer can be invaluable when navigating through Polish bankruptcy laws and procedures. You also should consider reaching out to Poland's Chamber of Legal Advisors for further assistance.
Lawzana helps you find the best lawyers and law firms in Krakow through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Bankruptcy, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in Krakow, Poland—quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please
contact us, and we will review and update it where appropriate.
