Bankruptcy or WSNP?
Is bankruptcy the solution?
When entrepreneurs can no longer pay their debts, they often think that bankruptcy is the solution. Unfortunately that is not the case. We would like to explain why. By law, bankruptcy is a total seizure of all your goods. This means that you cannot freely dispose of your belongings, such as machines and car. You may also no longer do anything that has to do with your finances. The court appoints a trustee (often a lawyer) who checks whether your creditors can be paid by selling your property and the money you have in your account. If there is nothing to sell or the sale does not yield enough, the curator will, in consultation with the court, terminate your bankruptcy after some time. In that case, nothing has been arranged to resolve the debts and they therefore still exist. The debts have even increased due to interest and costs. The trustee in bankruptcy also has to be paid for his work and this claim is in addition to the rest of the debts. The debts are now even higher than before bankruptcy. That's why we say, "Bankrupt, better not!"
If you have a BV, then as a director you are only liable for the debts if you have not acted as it should. For example, you have entered into obligations that you knew or knew you could not fulfill. When you do business from a sole proprietorship or VOF, you are personally liable after bankruptcy for all business and private debts when the bankruptcy is terminated due to lack of benefits.
With a successful debt restructuring, however, you will be off your debts within a few years. This term is five years for entrepreneurs who restart. For entrepreneurs who quit for three years. In the event of bankruptcy, there is usually no solution and you remain liable for your debts. This liability can last up to 20 years and feel like a life sentence. Therefore, if you have financial problems, it is important to act quickly. Only then can the damage be limited and bankruptcy prevented.
WSNP as an alternative?
To prevent you from being liable for your debts for life, there is the Natural Persons Debt Rescheduling Act (WSNP). A prerequisite for calling on the WSNP is that the amicable debt counseling is not possible. So if amicable debt relief works, three years of WSNP is no longer necessary. With our years of experience and expertise in debt counseling, we are your partner for a successful amicable process. More than 36.000 entrepreneurs have preceded you.
If the amicable process is not possible, we will assist the entrepreneur with the application for the WSNP. All information about this petition to the court here..
The WSNP lasts three years. You get an administrator who has a similar role to the bankruptcy trustee. The administrator ensures that your creditors receive as much money as possible. If you follow the rules of the WSNP, you will be out of debt after three years. Your creditors must agree to the money they will receive. We take care of the application for the WSNP.