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Debt & Collection law in the Republic of Lithuania governs how creditors can pursue outstanding debts from debtors. This includes actions such as debt collection, debt recovery, and insolvency proceedings.
You may need a lawyer in cases where you are struggling with debt repayment, facing harassment from debt collectors, or are unsure of your rights as a debtor. A lawyer can provide legal advice, negotiate with creditors on your behalf, and represent you in legal proceedings if necessary.
In Republic of Lithuania, the Civil Code and the Law on Insolvency of Legal Entities are the main laws governing debt collection and insolvency. Creditors can pursue debt collection through court proceedings, enforcement actions, or through alternative dispute resolution mechanisms. Debtors also have rights and protections under the law, including the right to challenge unfair debt collection practices.
Yes, creditors can pursue enforcement actions to recover debts, including seizing assets, garnishing wages, or placing liens on property.
You can send a written request to the debt collector asking them to cease contact. If the harassment continues, you may file a complaint with the State Consumer Rights Protection Authority.
Yes, you can negotiate a debt settlement with your creditors to repay a reduced amount of the debt or establish a payment plan.
You have the right to defend yourself in court, challenge the validity of the debt, and negotiate a settlement with the creditor.
The insolvency process involves the restructuring of debts or the liquidation of assets to repay creditors. Legal entities can file for insolvency under the Law on Insolvency of Legal Entities.
Individual debtors can file for personal bankruptcy under the Law on Personal Bankruptcy, which allows for the discharge of certain debts.
Defaulting on a loan can result in legal action by creditors, including the seizure of assets, negative credit reporting, and potential insolvency proceedings.
There are debt relief programs available for individuals facing financial hardship, such as debt restructuring or debt forgiveness schemes.
Debtors have rights under the law, including the right to fair debt collection practices, protection from harassment, and the right to challenge the validity of debts.
You can search for a reputable debt collection lawyer through the Lithuanian Bar Association or seek recommendations from other legal professionals.
The State Consumer Rights Protection Authority and the Lithuanian Bar Association are valuable resources for individuals seeking legal advice on debt collection and insolvency issues in Republic of Lithuania.
If you are facing debt collection issues in Republic of Lithuania, consider consulting with a qualified debt collection lawyer who can provide guidance on your rights and legal options. It's important to act promptly to protect your interests and seek a resolution to your debt-related problems.
