Bankruptcy of natural persons
For a variety of reasons and circumstances, anyone can face a situation where fulfilling your financial obligations becomes impossible.
Bankruptcy of natural persons is often the best or even the only way out of a seemingly hopeless situation to get rid of an unbearable debt burden and start a new life.
The main purpose of bankruptcy of natural persons is the restoration of person’s ability to pay and protect him/her from impoverishment, ensuring the payment of debts to creditors considering the financial capacity of debtors. The process includes the liquidation of debtor’s assets, and the obtained funds and a part of his/her monthly income are paid to creditors according to an approved plan, which cannot last longer than 3 years. The remaining unsatisfied claims are debited, and the person may start a new life and forget the constant stress and pressure.
Professional lawyers and insolvency representatives working in our team will help you find the best solution, collect and draft the necessary documents and ensure a smooth implementation of all procedures during the bankruptcy process.
For more information on bankruptcy procedures, please refer to Law on Bankruptcy of Natural Persons of the Republic of Lithuania.
You will be able to confidently plan for the future, and we will help you leave the debts and failures behind.