There are two possible scenarios

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Companies trusted by the state and the court. You will also need to pay rubles for each publication in the Unified Federal Register of Bankruptcy Information UFRBI. Information about court decisions must be posted there. . Filing an application with the court On recognizing a citizen as insolvent. The application can be filed by the person himself, a bankruptcy creditor or the tax inspectorate. . Consideration of the application The court will decide whether your application is justified. If so, the citizen is declared bankrupt, but the procedure does not end there. . Sale of property or debt.

Restructuring after a citizen is declared bankrupt . sale of property . debt restructuring. The stage of property realization, although it involves the sale of personal belongings and everything valuable that can be sold and debts paid off, does not mean that this will be done in of cases. The debtors assets will be assessed for about six months. The term may be extended laos telegram mobile phone number list by a court decision. They will find liquid assets or extra income and add it to the bankruptcy estate this is the amount that will then be divided between creditors.

And thus fully or partially cover the debt. Not subject to sale i.e. they will not be taken away and sold sole residence. There are exceptions in cases of luxury housing, but this does not apply to most ordinary borrowers. Mortgage apartments do not count as sole residence. Illiquid property. There are frequent cases when even an old car is valued so low that it is not included in the bankruptcy estate or cannot be sold. Property that can be kept as necessary. For example, a car for a disabled person or a taxi driver for one it is vital.