Step by step towards customer insolvency

Since 2002, we have been helping indebted people in opening up private insolvency proceedings.

By this, many things changed for our customers. They are able to sleep soundly, work smartly and look at the future positively again.

In order to achieve this pleasant state of mind, you will take measures with our help step by step:

I - complete past events

According to the insolvency order, you are committed to list all creditors in all conscience. If you do not have any files, but you know to whom you are indebted, note the creditor’s address and the amount of money on a slip of paper. We need the following pieces of information in order to feed your data to our software:

- all creditors (both private and company-related), and, if possible, your complete correspondence with them, including most importantly enforcement orders, sanctions and cessions of wages.

- most recent available confirmation about salaries

- our forms

- signed contract

II - make use of present potentials

The legislator prescribes that at first, an extra-judicial solution be sought for customer insolvency proceedings. You need to offer your creditors a payment plan to regulate their open claims, that is, within the scope of your financial standing.

Our specialized software prepares and prints out the necessary correspondence for the payment plan. You just need to sign this correspondence and forward it. Your creditors are then given four weeks’ time to accept your offer, reject it or not answer at all.

If only one of your creditors rejects your plan or denies an answer, your attempt will count as failed.

This failure of an attempt for an extra-judicial solution will be certified by the authorities responsible. This service is already included in our fee for usage of electronic resources.

We record your data to our software. After this, you receive the completed insolvency application for examination and signature for your proper insolvency court.

After having received your application, the court will examine whether a judicial solution is appropriate.

III - design future endeavors

The court commences your insolvency proceedings, and you will be free of debt within six years, provided there are no claims from illegal activities. You are requested to start or continue any reasonable occupation verifiably.

You meet up with your trustee and talk the further proceedings through. Most likely, your trustee collects the distrainable part of your salary and distributes the collected sum once a year to your creditors.

IV - miscellaneous

The distraint exemption limits act was updated on May 9, 2005, resulting in increased exemption limits applicable from July 1^st, 2011. Thus, the exemption limit of 989.99€ per month after tax was increased to 1029.99€.

Furthermore, the sum of the distrainable money depends on the amount of people entitled to maintenance. For instance, a sole wage earner, married with two kids, may earn 1,849.99€ a month after tax without distraint. (judicial background: § 850c ZPO, German civil procedures rules).