The decision to declare bankruptcy is always individual and depends on many factors. Consumer bankruptcy may be helpful in situations where a person has difficulty settling his or her debts and is unable to repay his or her financial obligations. Here are some things to consider before deciding to declare personal bankruptcy:

Degree of debt: If you are significantly in debt and unable to pay your debts, bankruptcy may be a consideration. Bankruptcy can help you get rid of some or all of your debts.

End of enforcement: After declaring consumer bankruptcy, all court proceedings regarding debt, as well as bailiff enforcement and the charging of penalty interest, are suspended.

No obligation to prove the consumer’s lack of guilt in causing his insolvency: In 2020, the regulations on declaring bankruptcy were liberalized. Since then, there is no provision regarding the obligation to prove the consumer’s lack of guilt in causing his insolvency. As a result, declaring bankruptcy is easier and not as demanding as before.

Consult a Lawyer: Before you decide to pursue bankruptcy, it is always recommended to consult with an experienced bankruptcy lawyer. A lawyer will help you understand all aspects of the process and help you evaluate whether this is the best option for your situation.