- Debt relief after 36 months -In Latvia, debt relief usually takes place 36 months after the opening of insolvency proceedings.
- Shortening of the term possible -A significant shortening of the term is possible if creditors fail to file claims in your proceedings.
- Direct effect and recognition within the EU -The discharge of residual debt granted in Latvia has direct effect within the EU and must be recognised.
- 2/3 of the income remains with the debtor -During the term of the proceedings, 1/3 of your net income is used to satisfy the creditors. 2/3 of your income remains with you.It does not matter how high your monthly income is.In Germany, the monthly amount remaining with you is based on the garnishment exemption limits set every 2 years in § 850c ZPO.
Here are 3 examples of calculations >>>
Avoid foreclosures & the avoid the submission of a Statutory declaration.
The German enforcement law is a law for the enforcement or securing of a private law claim of a creditor against his debtor. Administrative enforcement is to be distinguished from this.
Due to the state’s authoritative monopoly , in principle only state enforcement bodies such as bailiffs can carry out enforcement. With the exception of permissible self-help, unlawful enforcement is prohibited for creditors and is generally inadmissible as revenge justice. The prohibition of unlawful legal assistance and the reference of the creditor to state enforcement authorities corresponds to the citizen’s right to legal assistance by the state, the right to justice. Enforcement law serves the realisation of this goal.
An affidavit, now commonly referred to as a sworn statement is, according to the traditional notation, an affirmation under oath .
(a) A special statement by which a person affirms that a particular statement is true (an oath).
(b) A means of proof (prima facie evidence) admitted in a court of law in certain cases.
In colloquial language, an Affidavit is often used as a synonym for the procedure of compulsory enforcement provided for in German law, originally called Offenbarungseid (oath of disclosure) and, since 1 January 2013, Vermögenserklärung (declaration of assets), in which it plays an important role.
Bei der Zwangsvollstreckung erhält der Gläubiger Zugriff auf das Vermögen des Schuldners, um es zur Befriedigung seiner Forderung zu verwerten.
Anstelle eines Eides muss eine Erklärung vor einer dazu befugten Behörde abgegeben werden. Andere, als eidesstattliche Erklärungen bezeichnete Erklärungen – wie im politischen Bereich gegenüber den Medien – haben keine besondere rechtliche Relevanz.
