Lawyer Johann Tillich Explains Insolvency Process: From Settlements to Debt Relief
Experienced lawyer Johann Tillich, with over three decades in debt counseling, has shared insights into the process of insolvency and debt relief. The procedure involves various steps, including out-of-court settlements, court attempts, and a period of good conduct.
Tillich, who is also a trustee and insolvency administrator, explains that the process begins with an out-of-court settlement attempt. If unsuccessful, a personal insolvency application is submitted to the court. Here, another agreement attempt is made between the debtor and creditors. If this fails, the insolvency administrator is appointed to manage and liquidate the debtor's assets, paying off creditors.
Debt counseling can play a crucial role during this process. If the court attempt still fails, the actual insolvency proceedings commence. After these proceedings, the debtor enters a period of good conduct, with no new debts allowed. Upon completion of this period, debt relief can be granted, invalidating all outstanding claims.
Tillich's expertise highlights the importance of understanding the insolvency procedure, involving out-of-court settlements, court attempts, and a period of good conduct. Debt counseling can be beneficial throughout this process, ultimately leading to debt relief upon completion of the good conduct period.
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