Why You Necessarily Need A Bankruptcy Advisor Before You Lose Everything?

In the event of impending bankruptcy, regardless of whether it is consumer bankruptcy for private individuals or regular bankruptcy for the self-employed and freelancers, advice is always the first step. A bankruptcy advisor can do wonders and bring you out of the most adverse situations.

An advantage of bankruptcy that should not be forgotten is the possibility to get rid of accumulated debts permanently. For this, a piece of competent advice on bankruptcy from a compliant bankruptcy advisor is the first step to become debt-free again. What used to be a black mark on the white vest of every self-employed person can nowadays be a highly suitable instrument for sustainable restructuring of your own company.

An entrepreneur has to face many different problems in corporate crises. Through an insolvency process, the entrepreneur has a perfect opportunity to regain an eye for the essentials. This also provides a sustainable opportunity to rebuild his company structures together with the insolvency administrator and the bankruptcy advisor, under the protective bell of an insolvency plan process.

To implement a successful corporate restructuring in the form of bankruptcy, corporate restructuring should be planned exceptionally well. To enable a successful as well as sustainable restructuring through an insolvency procedure, a solid concept for the company should ideally be developed before filing for bankruptcy. The options for financing the restructuring process should also be checked in good time before the application, with the help of an insolvency and bankruptcy advisor.

A good bankruptcy advisor is characterized by the fact that, as an insolvency advisor, he first helps the debtor to get an overview of the actual financial situation. Timely advice is equally important, especially against the background of impending criminal prosecutions from the area of insolvency crimes.

• If the going to regular bankruptcy is pending, then managers, in particular, have to expect numerous risks that affect personal liability. This includes criminal liability for breach of the application obligation (regular insolvency) as well as favouring creditors in the event of bankruptcy or withholding employee shares from the social insurance institutions.

• Another problematic point, which should not be underestimated, for which a managing director can be held liable before the regular insolvency proceedings, is the incorrect filing of tax returns.

• Of course, this applies in particular to sales tax and wage tax, which are only managed in trust and which the entrepreneur is obliged to pass on correctly to the tax office.

If there is a risk of going into consumer insolvency, then all consumers should seek detailed advice on debtors, because those who aim to be debt-free must also adhere to specific rules in the consumer insolvency proceedings. For example, special applications for the extrajudicial debt settlement plan must be submitted to the bankruptcy court when applying for the opening of a consumer bankruptcy, and even during the very long six-year period of ethical conduct, debtors must adhere strictly to the obligations. A compliant bankruptcy advisor can take good care of all these for you.

Conclusion

You can wait for the problems pouring down on you. Or you could just take a step further and start looking for a right bankruptcy advisor now.

Whether consumer bankruptcy proceedings or regular insolvency proceedings, bankruptcy law has many pitfalls. It is therefore advisable for debtors to take advantage of bankruptcy advisor at the first sign of financial difficulties. Experience has shown that the best results are achieved when the advisory service is taken up early and, based on the economic and personal requirements, an individual solution can be found together. The consultation must be held in good time before the bankruptcy procedure.