Debt Restructuring and Arrangements with Creditors
Sometimes, individuals find themselves in such severe financial difficulty that repaying creditors seems impossible. In such situations, it is possible to apply for debt restructuring, which involves a compulsory write-down of the debt to creditors.
Debt restructuring means that, over a period of typically three years, you must repay a certain amount to your creditors, based on your total net income. Debt restructuring is only possible for individuals and not for companies. Furthermore, debt restructuring is only possible if you are deeply indebted and unable to pay your creditors.
Our in-depth knowledge of debt restructuring rules ensures you understand your options and can make informed choices early in the process.
We guide you through every step:
- Assessing your eligibility for debt restructuring
- Explaining the consequences and obligations
- Preparing and submitting applications to the bankruptcy court
- Supporting you during hearings and negotiations
The debt restructuring rules are complicated, and decisions to initiate debt restructuring are made by a bankruptcy court, often based on a very specific assessment. It is therefore important, early in the process, to seek advice about the various options.
We advise both initially on the possibilities for debt restructuring and in connection with applications for debt restructuring to the bankruptcy court.
