Overindebtedness Law 3

• 1. NEGOTIATED COMPOSITION OF CRISIS
  
  • Eligible subjects
    • Consumers (natural persons not entrepreneurs)
    • Professionals and small entrepreneurs
    • Minor enterprises
  • Features
    • Allows debt restructuring through direct negotiations with creditors.
    • Offers a flexible and personalized restructuring plan.
    • Promotes rapid intervention to contain crisis worsening.
    • How does it work?
• Initial consultation meeting
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• 2. DEBT DISCHARGE
  
  • Eligible subjects
    • Consumers in crisis with specific requirements
    • In some cases, also professionals and minor entrepreneurs
  • Features
    • Allows cancellation of residual debt (fresh start) after meeting specific requirements.
    • Requires compliance with specific regulatory thresholds and requirements.
    • Promotes financial reinsertion with significant reduction of burdens.
    • How does it work?
• Initial consultation meeting
• Calculate your debt reduction now
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• 3. SIMPLIFIED AGREEMENT
  
  • Eligible subjects
    • Subjects in crisis with reduced repayment capacity, particularly those of advanced age
    • Consumers or businesses in conditions of moderate crisis
  • Features
    • Fast and agile procedure to obtain strong debt reduction.
    • Simplified procedures compared to traditional agreement.
    • Lower procedural costs and reduced implementation times.
    • How does it work?
• Initial consultation meeting
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• 4. PREVENTIVE AGREEMENT IN CONTINUITY
  
  • Eligible subjects
    • Non-minor enterprises, especially those that must preserve business continuity
    • Companies in crisis with significant assets and need to maintain operations
  • Features
    • Restructuring planning that allows continuation of business operations.
    • Balance between creditor protection and recovery of productive capacity.
    • Structured approach with homologation of the restructuring plan.
    • How does it work?
• Initial consultation meeting
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• 5. JUDICIAL LIQUIDATION AND LIQUIDATORY AGREEMENT
  
  • Eligible subjects
    • Debtors in situation of irreversible crisis
    • Subjects who cannot access restructuring pathways
  • Features
    • Liquidation procedure aimed at controlled distribution of assets.
    • Simplified procedures to reduce time and costs of the procedure.
    • Aims to satisfy creditors through asset liquidation, eliminating the social stigma of bankruptcy.
    • How do they work?
• Initial consultation meeting
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• DIFFERENCES FROM PREVIOUS LEGISLATION
  • Greater flexibility
    The new rules of the Crisis Code have introduced greater flexibility in the management of overindebtedness crises.
  • Simplification of access to debt discharge
    The process for accessing debt discharge has been simplified, facilitating non-bankruptcy subjects.
  • Objective
    These procedures are designed to offer a way out to individuals and small businesses that cannot access traditional bankruptcy procedures such as insolvency, allowing them to resolve situations of serious economic difficulty.
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HOW DO THE DEBT RESTRUCTURING
PROCEDURES WORK?

• NEGOTIATED COMPOSITION OF CRISIS
  
  
  • Initial assessment
    • Financial documents are collected and repayment capacity is verified.
  • Definition of a plan
    • A preliminary meeting is held to analyze the situation and define a negotiated plan.
  • Negotiations with creditors
    • Initiation of direct negotiations to agree on debt restructuring.
  • Formalization of the plan
    • The plan is drafted and, if necessary, presented to the court for homologation.

• Initial consultation meeting
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• DEBT DISCHARGE
  
  
  • Verification of requirements
    • Verification that regulatory requirements are met and necessary documentation is collected (balance sheets, statements, etc.).
  • Submission of the application
    • Sending of the request to the competent authority for debt discharge.
  • Required compliance
    • Execution of compliance requirements (e.g., informational meetings or training courses) provided for by law.
  • Obtaining fresh start
    • Residual debt is partially or fully cancelled, allowing a fresh financial start.

• Initial consultation meeting
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• SIMPLIFIED AGREEMENT
  
  
  • Document preparation
    • Collection of information and financial documents, with the support of a lawyer.
  • Drafting of the proposal
    • A simplified proposal for debt reduction is developed, with clear objectives.
  • Negotiation with creditors
    • Presentation and discussion of the proposal with creditors to reach an agreement.
  • Homologation and implementation
    • The court homologates the plan, which is then implemented to obtain debt reduction.

• Initial consultation meeting
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• PREVENTIVE AGREEMENT IN CONTINUITY
  
  
  • In-depth business analysis
    • Collection of up-to-date balance sheets and documentation to assess the state of the business.
  • Drafting of the restructuring plan
    • Development of a plan that provides for continuation of business operations, balancing creditor needs with continuity safeguards.
  • Meetings and negotiations
    • Initiation of discussions with creditors and, possibly, with a professional to define plan terms.
  • Submission to the court
    • The plan is submitted for homologation, thereby activating the restructuring procedure.

• Initial consultation meeting
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• JUDICIAL LIQUIDATION AND LIQUIDATORY AGREEMENT
  
  
  • Evaluation of the irreversible situation
    • In-depth analysis to determine whether debt restructuring is no longer possible.
  • Preparation of the application
    • Collection of necessary documentation and submission of the request to the court.
  • Realization of liquidation
    • Sale of assets to satisfy creditors, following a controlled procedure.
  • Closure of the procedure
    • Formal conclusion of the proceeding, with any residual measures for debtor discharge.

• Initial consultation meeting
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LEGAL ASSISTANCE FOR OVER-INDEBTEDNESS IN PORTO TOLLE
DEBT DISCHARGE AND DEBT REORGANIZATION



• THOROUGH FINANCIAL ANALYSIS
  Personalized evaluation and detailed assessment of your financial situation to better understand your over-indebtedness status.
• PERSONALIZED STRATEGIES
  Tailored proposals for your needs to effectively address over-indebtedness.
• SUPPORT DURING DEBT DISCHARGE
  Assistance in gathering and preparing all required documentation to initiate the debt discharge procedure.
• LEGAL REPRESENTATION IN COURT
  Legal defense to ensure your interests are protected during all phases of the procedure.
• DEBT RESTRUCTURING AGREEMENT NEGOTIATION
  Negotiations with your creditors to obtain more favorable and sustainable payment conditions.
• DEBT MANAGEMENT PLAN
  Creation of a debt restructuring plan that is acceptable to all parties involved and manageable over time.
• ONGOING SUPPORT
  Continuous supervision and monitoring of the restructuring plan to ensure it is followed and to make any necessary adjustments if needed.
• LEGAL EXPERTISE AND EXPERIENCE
  Years of specific experience in over-indebtedness law and debt restructuring, aiming for high-level assistance.
• EMPATHETIC AND PROFESSIONAL APPROACH
  We know how difficult these situations can be, and that's why we are committed to offering concrete solutions and empathetic support.
• GUARANTEED RESULTS
  A proven track record of success in negotiating favorable agreements and restoring clients' control over their finances.

INSIGHTS FAQ

• How does the minor concordat protect small entrepreneurs?
  • The Minor Concordat offers small entrepreneurs protection from bankruptcy while enabling debt reorganization. Creditors receive payment according to the approved plan.
• What documentation is required for a consumer plan application?
  • Required documents include proof of income, list of debts, financial statements, and proposed payment schedule. Complete documentation strengthens approval chances.
• Can the crisis composition agreement be modified after approval?
  • Yes, if circumstances change significantly, the agreement can be modified through court proceedings. Changes must be approved by the judge and, if substantial, by creditors.
• What happens to tax debts in debt restructuring?
  • Tax debts are included in restructuring plans and must be addressed. They are generally not dischargeable unless specifically included in the judicial approval.
• How are creditors notified of the restructuring plan?
  • The court issues formal notice to all creditors, informing them of the plan and providing opportunity to object or vote depending on the procedure type.
• Can I file for controlled liquidation while employed?
  • Yes, employed individuals can request controlled liquidation. Employment income is considered when calculating payment capacity and designing the debt plan.
• What is the role of the certified mediator in crisis composition?
  • The certified mediator facilitates negotiations between debtor and creditors, drafts the agreement, and presents it to the judge for homologation.
• Are there any exceptions to debt discharge eligibility?
  • Individuals who have engaged in fraud or gross negligence may be denied discharge. Additionally, dishonored checks and certain criminal debts may not be dischargeable.
• How does the plan protect against creditor harassment?
  • Once a debt restructuring plan is judicially approved, creditors must cease enforcement actions and follow the plan terms. Violations can result in legal consequences.
• Can I access multiple restructuring procedures simultaneously?
  • Generally, debtors should choose one primary procedure. However, circumstances may allow combined approaches under professional guidance.
• What happens to the debtor after debt discharge is granted?
  • After debt discharge, the debtor's obligations are legally cancelled. They can rebuild their financial life, though credit report impact remains temporary.

• Would you like to book a meeting? Discover how to request an appointment.
  • The law firm operates in the field of managing overindebtedness crisis throughout the national territory using virtual meeting tools. The firm is able to offer its legal services also at the national level, aiming to assist you throughout Italy.
  • The firm is able to offer its legal services also at the national level, aiming to assist you throughout Italy.
  • L'Aurora Law Firm is based in Terracina in the province of Latina: throughout the Italian territory, legal consultation is offered using telematic tools also in the cities of Porto Tolle, Goro, Rovigo, Mesola, Taglio di Po, Porto Viro, Rosolina, Ariano nel Polesine, Loreo, Codigoro, Lagosanto e Comacchio.
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