When an individual cannot repay their financial commitments, they may face foreclosures on properties, bank accounts, and other restrictions that pressure the debtor into repaying what they owe. Fortunately, under Israel’s new bankruptcy law, in effect since 2018, a debtor is no longer ‘handcuffed’ because debt settlements and financial rehabilitation are a real possibility. One of the main advantages of filing for bankruptcy is that it freezes existing collection proceedings, giving some respite to the debtor. Also, if any foreclosures or restrictions have already been imposed, they are canceled. Simply put, being in debt is not the end of the world. The following articles show you how to deal with being in debt, reach debt settlements, and other ways to put the debt story behind you.
Bankruptcy is a state of financial distress in which an individual or a business cannot repay their debts, however, not everyone who is in debt would be considered insolvent or bankrupt. Bankruptcy proceedings are only granted to individuals or businesses whose total liabilities exceed their total assets, and as the debts continue to accumulate, they find themselves on a slippery slope with absolutely no way out. The proceedings are designed to discharge debts that would likely not be repaid, either in the near future or at all, and through this process, one gets a chance to turn over a new financial page.
Bankruptcy is a legal process through which debtors can repay their debts by selling their assets. Bankruptcy proceedings can last up to 4 years, and when all the legal procedures are completed, one’s slate may be wiped clean, but often at the cost of a sharp downfall in standard of living. In September 2020, an important change was made to the bankruptcy laws in Israel in favor of those filing for bankruptcy. The new law states that before stripping them of their assets, all possible steps must be taken to help debtors rehabilitate.
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