Hilfe bei der Privatinsolvenz - Dauer, Ablauf und Kosten

Overview of personal insolvency

• Good news: short duration
• What happens in the event of personal bankruptcy?
• The process of personal insolvency – step by step
• Preparing the insolvency application – Important points
• Personal bankruptcy and SCHUFA – what are the consequences?
• Advice on personal insolvency – your advantages with us

Good news about the duration of personal insolvency!

Since the reform of insolvency law at the end of 2020, you can be debt-free after just 3 years through personal insolvency . Previously, the period was up to 6 years.
How does it work? During the three years, a portion of your income - the attachable portion - is transferred to a so-called trustee , who pays off your debts. There is no minimum rate that you have to pay in order to receive the residual debt relief .

Important to note:

• Maintenance debts and tax debts are excluded from the discharge of residual debt.

>> Request non-binding advice on personal insolvency now

What happens in the event of personal bankruptcy?

From the moment you commission our debt counseling service , you will no longer have to make any payments to your creditors (e.g. loan installments). According to the law, you are entitled to a minimum subsistence level in the event of personal insolvency , whereby only amounts above the seizure exemption limit will be seized. This depends on your personal life situation.

Advantage of personal bankruptcy:

After just three years and compliance with the agreements, you are legally considered debt-free .

The process of personal insolvency – step by step:

1. Decision to file for insolvency (lead time approx. 2 months)
2. application to the insolvency court
3. opening of insolvency proceedings
4. appointment of an insolvency administrator who represents the creditors
5. Submitting a financial statement (disclosure of your financial circumstances)
6. Transfer of the attachable income to the insolvency administrator
7. Completion of the procedure after about 3 years and discharge of residual debt

>> Enquire now and achieve debt freedom

Preparing the insolvency application – Important points

1. List debts: Create a complete list of your debts and creditors to ensure everything is taken into account in the bankruptcy process.
2. Out-of-court debt settlement plan: Try to reach an agreement with creditors before filing for bankruptcy.
3. Disclose assets: Disclosure of all income and assets is mandatory.
4. Legal support: A lawyer or debt counseling service can support you in the process.
5. Observe deadlines: Make sure that all deadlines in the process are met to avoid delays.

Learn more about the insolvency application – Click now

Personal bankruptcy and SCHUFA – what are the consequences?

A personal bankruptcy is recorded in your SCHUFA file and can remain for several years, which has a negative impact on your credit rating. This particularly affects:

• Apartment search: Landlords often do not like to see negative SCHUFA entries.
• Contract conclusions: Providers (e.g. telephone providers) often check your SCHUFA credit rating before concluding a contract.
• Extended period: The SCHUFA entries remain beyond the discharge of residual debt (max. three years).

Use personal insolvency as an opportunity – How to improve your financial situation

Advice on personal insolvency – your advantages with us

The SIC Debtor Insolvency Center e. V. is at your side. With our years of experience and certified consultants, we support you on your way through personal insolvency . We offer:

• Professional assessment of whether insolvency is necessary
• Short waiting times
• Good accessibility by phone / Whatsapp
• Support in processing your mail
• Support from other partners included: Whether specialist lawyer or professional accounting - everything from a single source without additional costs
• Forms, checklists and applications . We review your documents.

Request advice now – We will help you become debt-free

Important downloads and forms

Here you will find all necessary downloads and forms on the subject of insolvency:

• attachment table
• insolvency checklist
• Admission form / form (for initial consultation)
• budget