Best Bankruptcy Lawyers in Vouliagmeni

About Bankruptcy Law in Vouliagmeni, Greece

Bankruptcy in Greece is a court supervised process that addresses the inability of a person or a business to pay debts. Residents and businesses in Vouliagmeni fall under the jurisdiction of the Athens courts, since Vouliagmeni is part of the Municipality of Vari Voula Vouliagmeni in the Attica region. Greek law offers several paths to deal with over indebtedness, including out of court debt settlement, pre insolvency restructuring, formal bankruptcy liquidation, and a second chance discharge framework for honest debtors.

The main statute is Law 4738 2020 on Debt Settlement and Second Chance, often called the Greek Insolvency Code. It unifies rules for both individuals and companies, provides a structured out of court mechanism for consensual settlements with banks and the State, and sets modern procedures for rehabilitation and liquidation. For cross border situations inside the EU, the EU Insolvency Regulation applies and helps determine where proceedings should be opened based on the debtor’s center of main interests.

For individuals, the system aims to balance creditor recovery with a second chance after liquidation of non exempt assets. For businesses, the law focuses on business rescue where viable and on orderly liquidation where rescue is not feasible. In practice, many residents of Vouliagmeni begin with the national out of court platform to try to restructure loans and public debts before considering court proceedings.

Why You May Need a Lawyer

You may need a bankruptcy or insolvency lawyer if you are receiving enforcement notices, bank account seizures, wage garnishments, or foreclosure notices, if you have multiple loans that you cannot service, or if your company faces persistent cash flow shortages and creditor pressure. A lawyer can assess whether out of court restructuring is realistic, whether a rehabilitation plan is feasible, or whether liquidation and a discharge is the safest route.

Legal help is also crucial if you own a primary residence with a mortgage, have personal guarantees on business loans, hold assets in different EU countries, or if tax and social security debts are part of your liabilities. Businesses benefit from counsel on directors’ duties near insolvency, management liability risks, how to secure an automatic stay or protective measures, and how to negotiate with banks and servicers using the regulatory Code of Conduct for loan restructurings.

Procedural steps contain strict timelines and documentation requirements. A lawyer familiar with the Athens courts and local practice can prepare filings, communicate with the insolvency administrator or trustee, and help you avoid actions that could be viewed as prejudicing creditors, such as risky transfers of assets shortly before filing.

Local Laws Overview

Main legislation. Law 4738 2020 Debt Settlement and Second Chance is the core framework. It covers the out of court debt settlement platform, pre insolvency rehabilitation, bankruptcy liquidation, creditor ranking, avoidance actions, the insolvency register, and discharge rules. Consumer cases under older Law 3869 2010 continue only for legacy filings. The Greek Code of Civil Procedure governs enforcement actions like auctions and garnishments. EU Regulation 2015 848 applies to cross border insolvency inside the EU.

Out of court settlement. Individuals and businesses can apply through the national platform to negotiate with banks, servicers, and public creditors. The platform uses standardized formulas. Public debts to the tax authority and social security can be restructured with long installment plans, commonly up to 240 installments for State debts and up to 420 installments for debts to financial institutions, subject to eligibility and creditor voting. Submitting a complete application can trigger a time limited standstill on enforcement while negotiations proceed.

Rehabilitation and protective measures. A debtor that is likely to become insolvent or is already insolvent may seek a court approved rehabilitation plan. The court can grant temporary protective measures that suspend individual enforcement while negotiations take place. If creditors vote to accept the plan and the court confirms it, the plan binds all affected creditors.

Bankruptcy liquidation. If restructuring is not viable, the court can open bankruptcy proceedings. An insolvency administrator or trustee is appointed to manage the estate, realize assets, and distribute proceeds according to the statutory ranking. Certain basic assets may be exempt to protect minimum living needs for individuals. After completion and subject to conditions, honest debtors may obtain a discharge of residual debts within a defined period.

Primary residence. There is no general blanket protection of the primary residence. The law includes a sale and lease back scheme for vulnerable debtors so they can remain as tenants, subject to specific criteria and availability. Timelines and eligibility should be checked with a lawyer, since implementation details may change.

Jurisdiction and venues. For Vouliagmeni residents and businesses, the competent court in most cases is the Athens Court of First Instance, based on the debtor’s center of main interests. Company filings must also comply with corporate registry publication rules through the General Commercial Registry. All cases are recorded in the national Insolvency Register.

Director and management duties. Company directors must act without undue delay when the company is insolvent, consider restructuring or filing, and avoid actions that worsen the insolvency. Failure to act can result in liability, claw back of detrimental transactions, or disqualification in serious cases.

Frequently Asked Questions

What is the difference between out of court settlement, rehabilitation, and bankruptcy in Greece

Out of court settlement is a standardized negotiation through the national platform that aims for a consensual plan with banks and public creditors. Rehabilitation is a court supervised restructuring with creditor voting that can bind dissenting creditors once confirmed. Bankruptcy is liquidation under court supervision with appointment of a trustee and potential discharge after liquidation. Many debtors try the out of court path first.

Can individuals in Vouliagmeni file for bankruptcy and get a second chance discharge

Yes. Individuals can use the out of court platform, seek rehabilitation if viable, or file for bankruptcy liquidation. If they meet the conditions for honest debtor status and complete the process, they may obtain a discharge of remaining debts after the statutory period. Certain obligations cannot be discharged and eligibility depends on the case.

Will filing stop enforcement and foreclosure against me

Submitting a complete out of court application can create a temporary standstill. In court procedures, the court can grant protective measures that suspend individual enforcement. In bankruptcy, the opening of proceedings generally halts enforcement on the estate assets. The scope and duration of protection vary by procedure, so timing is critical.

Are tax and social security debts included

Yes, tax and social security debts can be part of an out of court settlement subject to legal criteria and formulas. In rehabilitation and bankruptcy, public debts follow statutory ranking and rules. Certain public law claims may have limits on reduction and special treatment. A lawyer can clarify what is realistically achievable with AADE and e EFKA.

What happens to my primary residence

There is no universal primary residence immunity. Options include consensual restructuring that keeps you in the home, or, for eligible vulnerable debtors, a sale and lease back scheme allowing continued occupancy as a tenant. If liquidation is necessary, the home may be sold to satisfy creditors. Early advice improves chances of a sustainable solution.

How long does the process take

Out of court settlement can conclude within a few months if data are complete and creditors respond promptly. Rehabilitation may take several months from filing to court confirmation. Bankruptcy liquidation can last from months to a few years depending on asset complexity and disputes. Good preparation reduces delays.

What documents will I need to start

Expect to gather identification and family status certificates, recent tax returns and income statements, bank statements, loan agreements and account statements, proof of assets and valuations, business financials if self employed or a company, and documents on pending enforcement. Accurate data entry is essential for the out of court platform and for court filings.

What debts are not dischargeable

While the exact list is technical, common examples of non dischargeable or hard to reduce obligations include maintenance and child support, criminal fines, certain administrative penalties, and debts arising from fraud or intentional wrongdoing. Tax debts may be restructured but are subject to statutory limits. You should request a case specific analysis.

Will bankruptcy affect my business or job

For companies, opening insolvency proceedings affects management powers and access to bank accounts. In rehabilitation, management may remain in place under oversight. In liquidation, the trustee takes control of the estate. For individuals, employment is generally unaffected, but any garnishments and bank account seizures are addressed through the procedure and applicable stays.

Do I have to attend court in Athens if I live in Vouliagmeni

Yes, most hearings will be before the Athens courts because Vouliagmeni is within their territorial competence. Your lawyer can often handle filings and many appearances. Your personal presence may be needed for specific hearings or testimony, but not in every step.

Additional Resources

Special Secretariat for Private Debt of the Ministry of National Economy and Finance provides information on the national out of court debt settlement platform and support to debtors.

Insolvency Register is the national registry where insolvency and restructuring decisions are published and can be searched by interested parties.

Athens Bar Association can help you locate a lawyer with experience in insolvency, restructuring, and enforcement defense.

Hellenic Financial Mediator offers banking and insurance dispute mediation that can complement loan restructuring efforts.

Municipality of Vari Voula Vouliagmeni Citizens Service Center KEP can issue certificates and help with basic administrative documents needed for applications.

Hellenic Consumers Ombudsman provides guidance in consumer disputes and may be helpful where loan servicing practices are at issue.

Tax Authority AADE and Social Security e EFKA local offices can provide statements of account and clarifications on public debts that must be included in any settlement.

Next Steps

Start by making a full inventory of your financial situation, including all debts, assets, income, and ongoing enforcement actions. Gather the documents listed above and obtain up to date statements from banks, AADE, and e EFKA. Assess whether your situation is likely temporary or structural.

Consult a lawyer who handles insolvency in the Athens courts. Ask for an initial analysis that compares three paths side by side: out of court settlement, rehabilitation, and bankruptcy liquidation. Discuss timing for protective measures, treatment of your home, potential discharge, and the impact on any co debtors or guarantors.

If advised, submit an out of court application as an immediate step to seek a standstill and negotiate standardized terms. If restructuring is not feasible, prepare a court strategy promptly to avoid the risks of late filing and to preserve available protections. Throughout the process, avoid asset transfers without legal advice and keep open communication with creditors to reduce litigation.

This guide is general information. Insolvency outcomes depend on the facts of each case and on evolving law and practice. A local lawyer can provide tailored advice for your situation in Vouliagmeni.