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Yes, but only from the time calling the contest until this is resolved, with a maximum of 1 year.

This was temporarily paralyze all executions in assets of the bankrupt pertaining to their professional or business activity, while an agreement is negotiated or open wound, with a maximum of one year from the declaration of insolvency. Unless the time of the declaration of bankruptcy and the auction was announced, the enforcement proceedings initiated before be suspended and not resume, or can engage in other, until the end of the prescribed period.

Naturally, the real-estate loans in the competition have special privileges and the agreement will affect only if the recipient signs the proposal, vote for or accedes to the agreement or approved. Not to be affected by an agreement, the credits with special privilege will be paid from the assets and rights on which rests the security.

If a person comes to the conclusion that the income you have, not be able to meet payment commitments it has acquired, is obliged to go to court to ask the so-called commercial declared bankrupt.

This places the individual in similar situation as was formerly a company in bankruptcy. As a first step. procedures are paralyzed, however, because until we establish the total amount of debt and debtor list, nobody can charge unilaterally withdrawing property of the delinquent debt. This gives the debtor a breathing space, which sometimes has enough temporary postponement of payments, to return to find a new avenue of income. An individual at the time, can find work that allows you to take charge normally again, their debts. On the other hand at this time, the debtor can settle freely on the market, with the permission of the Receiver, heritage, such as housing at prices higher than they normally would in legal proceedings and public auction.

Another advantage of the procedure, which removes an agreement reached with the debtors, the implementation of the agreement, assumes the debt completely eliminated, although the creditors had run out of cash a share. The panicular starts from there his life, free of past questions. It is clear that the Bankruptcy Act does not forgive the debt but provides a mechanism to encourage cardholders to pay according to their abilities, through reductions of up to 50 percent and a delay of five years.

The problem is the cost of applying the Bankruptcy Act. This media requires, as we have indicated the involvement of a Receiver, acting as arbitrator and authorizes (or denies) with the income received, the making of payments necessary to maintain the family and may authorize operations that involve changes in equity of the holder, as sales of goods, if it is in the interest of the debtor and creditors.