What individual bankruptcy

Signs of bankruptcy:- the Citizen is not able to meet the demands of creditors for debt obligations due to lack of funds, or he can not fulfill the obligation to pay the payments. Also, a bankrupt citizen will be considered if compliance is not completed within three months from the date when the debt was to be repaid its debt exceeds the value of the property.- A legal entity is considered to be unable to satisfy the claims of creditors on monetary obligations and fulfill the obligation to make payments for three months from date when they should be executed.

The basis for excitation of business about bankruptcy of physical persons is a statement about the bankruptcy, which must be filed to the arbitration court with observance of all norms specified by the law. Such an application may be filed as a creditor, authorized body or the debtor himself.

To the arbitration court a statement from the creditor or the authorized body is required for the following reasons:- monetary claim of the creditor or the authorised body to the debtor must be not less than 10 000 rubles;- funds should be established;- the debtor's obligations are not met within three months; expired 30 days since submission of the Executive document to the bailiffs and the debtor;

Necessary for the adoption of the arbitration court a statement of the debtor's bankruptcy:- if the debtor refers to circumstances indicating status of performance of monetary obligations and obligations to pay the obligatory payments within the specified period;- if the foreclosure on the debtor's property make impossible the continued economic activity of the debtor;- if meeting the requirements of one lender leads to the fact that the execution of monetary obligations by the debtor becomes impossible to other creditors.

The basis for the adoption of the arbitration court a statement of the liquidated debtor bankruptcy is a liquidation of physical entity, which establishes the impossibility of satisfying all creditor claims.

For decision of arbitration court of the application of the creditor or the authorised body on bankruptcy of the absent debtor need one of the following grounds:- the debtor or the debtor who has actually completed its activities, is missing;- the property of the debtor cannot cover the legal costs in the bankruptcy case;- if there are signs indicating the absence of entrepreneurial or other activity of the debtor;- if during 12 months before the date of submission of application with the knowledge of the debtor the bankrupt has not carried out operations on Bank accounts of the debtor.