The new bankruptcy law brings ups and downs to households and businesses.

From May 1st, the way to protect over-indebted borrowers is changing radically, including those who lose their homes due to the release of auctions.

Debtors will have two options to choose from. One is the inclusion of all debts in a single arrangement. The second is the bankruptcy, the liquidation of all assets and the cessation of collection measures, so that the debtor has a second chance.

The new bankruptcy law that will cover individuals and businesses should not include any kind of protection, as the lenders noted in recent contacts with the Greek government and should provide for the liquidation of the debtor’s assets before negotiations on it bring settlement of its debts in the public and private sectors.

Note that first home loan arrangements through the online first home protection platform are possible issued until 30-04-2020. Acceptance of the arrangement includes debt write-off for the amount exceeding 120% of the commercial value of the house, repayment of up to 25 years, interest rate of 2% and subsidy of up to 50%. The Law on Out-of-Court Mechanism can apply to all individuals and all enterprises, small, medium and large, as well as sole proprietorships, or individuals with commercial / bankruptcy status.

Our firm, having the expertise and experience in handling these cases, undertakes the complete process of joining the first home protection platform.

Source: Newspaper site www.tovima.gr