All you need to know about personal bankruptcy!

In order to get off to a good start in a situation of over-indebtedness, declaring personal bankruptcy is a measure that is more and more seriously studied and often adopted by many executives but also individuals in difficulty. Discover with us in this article what this procedure concretely and what it can offer as advantages.

The benefits of a personal bankruptcy declaration

If the unfortunate consequences of a personal declaration of bankruptcy are numerous, its advantages are not to be minimized- all you need to know.

Indeed, declaring oneself in personal bankruptcy allows:

  • Cancellation of the majority of debts including even tax debts
  • Provide protection against possible lawsuits brought by creditors
  • Sheltering against possible cuts made by the public services. Ex: telephone, electricity.
  • The conservation of a minimum of vital goods inherent to his dignity: furniture, house and sometimes even the car.

Initiate an application for personal bankruptcy

First of all, as you will have understood, the personal bankruptcy application procedure must only be used as a last resort. Because despite the fact that this procedure can be beneficial in many ways for your case as we have just seen, other solutions may be much more interesting for you.

So, make sure you have exhausted all your resources: consulting financial experts, bankruptcy experts, considering all the possible credit options, etc.

Then if the financial professionals prove to you that yes, your case is indeed critical and that to initiate a procedure for application of personal bankruptcy is the best option to relieve you of your financial problem, you can turn calmly towards this procedure.

Thus, if 2 other parties can take the initiative to seek bankruptcy, creditors and the Public Ministry, in particular, the debtor is legally obliged to confess to bankruptcy at the registry of the Commercial Court in the month following the cessation of payment, on pain of incurring liability.

This admission of bankruptcy is thus admissible for a legal person when three (03) conditions are met.

Those are :

  • the merchant status of the debtor and the cessation of his activities for less than 6 months
  • the persistent termination of the debtor’s payments as well as the non-respect of any negotiated settlement plans.
  • The loss of confidence of creditors vis-à-vis the debtor

For an individual, the conditions will be:

  • The capacity of the debtor individual to prove his over-indebtedness
  • The ability to prove that no amicable agreement could be negotiated with the creditors
  • And finally the financial capacity for procedural costs


How much money can I get with online payday loans?

When you need a sum of money to cover an economic emergency.

Maybe to pay utility bills or repair a major appliance, you might consider requesting a mini-credit.

With this financial product, you can get an amount of money to settle economic problems usually of a small amount.

We know that there are always contingencies, for which it is necessary to cover them quickly.

Mini-credits are available through online lenders.

Do you know what this financial product consists of?

It is possible that you have come this far and do not have very clear what the word “microcredit” means perhaps because you have never had to use it.

Microcredit is a credit that is given for a small amount of money, usually offered by private lenders, and that is normally returned within 30 days, although some companies give longer terms.

The money is returned all at once since it is a small amount of money.

In addition, this type of credit is granted very quickly.

Since you ask until you have it in your account, it can take less than 15 minutes in many cases.

That is why it is a good option for how much you have an urgency of money.

The microcredits we have on our website have been checked so that you can feel safe when making your request.

If you want to see all our Microcredit services, you just have to go to our Microcredit Comparator.

There you can find and compare all the services to make the best choice and take home the money you need without complications, without paperwork, and with the greatest comfort.

As we always say in, both the microloans and the other financing services should be used only if you know that you will be able to return it when the time comes.

If not, before incurring defaults or entering lists of defaulters, it is better that you do not request the money and save it for yourself.

Main characteristics of mini-credits

Principales características de los minicréditos

As all financing products have the characteristics that make them different from others.

Therefore, knowing them will let you know if it is convenient to choose this type of product for your financial situation.

The main characteristics of payday loans are:

  • The amounts to the request are not too high (between € 50 and € 1,000).
  • Your concession is quick and really easy: it is done online without having to move from home and in just a few minutes you will know if it has been granted.
  • They are flexible: This is because you choose the amount to request and the time of return. Also, if you can not return the credit on the date indicated you can request an extension of the same.
  • They are very transparent: From the moment of the application, you know exactly the amount you will have to pay, the repayment date and the interests of the mini-credit.
  • You do not need documentation: To apply for a small loan you will not have to submit payrolls or endorsements.

These are the most important characteristics of mini-credits.

And so it makes it so appealing to request one of these small loans right now.

How much can I borrow with microcredit?

The online lenders that offer these small loans, generally establish a range of amounts of mini-credits of 50 euros up to 1,000 euros.

However, some lenders only offer up to 300 euros for being the first customer.

And after meeting you, they offer you the opportunity to request a larger amount.



As you know, in we work to bring you the best financial services in the market and make them arrive easily in our different service comparators.

We have mini-credit offers, credit cards, personal loans, for companies, etc.

As you can see today in this article the offers of mini-credits, even getting € 300 free.

In addition, you have been able to see how much you can get with a mini-credit, with its amortization times.

Your easy application process and your trusted comparator.

You know! When you need to solve an economic problem quickly go to our mini-credit comparison and choose the one that suits you best.

As you have seen in the examples, we have a great variety in order to adapt to the situation of more people with money problems.

If this article has seemed interesting to you even to share it, we would like to thank you from the bottom of your heart.

6 tips to take control of your personal finances

Unpaid periods on different loan types

Debt-free loans are particularly popular in mortgage loans, many of whom choose a 10-year grace period.

This allows for a larger financial space in the first years after you have bought your home, which too many fall in a dry place.

The terms of loans in owner-occupied homes and holiday homes with a repayment period depend on whether it is a fixed-rate loan or a floating-rate loan.

Non-repayable, fixed-rate loans

For fixed-rate loans, the repayment period typically starts with the loan payment.

The deferred installments shall be added to the deduction for the remaining period at the end of the period. In this way, the loan is repaid at the end of the loan.

Repayment-free, floating-rate loans

For floating rate loans and for loans with interest rate adjustment, it is typically possible to choose and cancel non-repayment periods over the term of the loan.

At the end of the deduction period, you have two options.

You can choose to:

  1. Pay the deferred installments over the remaining loan period.
  2. Deprecate these until the expiry of the loan, where they are to be paid as a total amount.

Limitations on repayment-free loans

On some repayment-free loans, there are limitations on how many repayment periods you can apply for.

This applies in particular to loans for owner-occupied homes for full-year and recreational homes.

Here, the repayment-free period may often be no more than 10 years.

In other property categories, loans with unlimited deduction can in principle be granted. In practice, however, only repayment-free periods of up to 10 years are usually used.

On consumer loans, however, there is the highest amount of repayment in a few months or a maximum of a couple of years.

How many repayment periods you can get on a loan httPs://www.paydaynow.NET/ depending on the term of the loan.

The reason for this is that you have to pay interest on the borrowed amount as well as interest rates until you begin to deduct on your loan.

Repayment-free loans must also be paid back

It may immediately seem stupid not to choose a repayment-free loan …

But remember:

The money still has to be paid back at some point.

  • For mortgage loans, the repayment typically falls after 10 years. Here, then, both the current repayments and the repayments for which the deduction rate has ceased has been paid in the past decade.
  • For consumer loans, the repayment will fall after a few months or a maximum of a few years, depending on how long a maturity is on your loan.

It is therefore important that you have an overview of how and when the money will be paid back when you take out a loan-free loan.

Although it may be hard to predict, you need a fairly clear idea of your options for repaying the loan before you take it up.

How, for example, are your job opportunities? Do you have other debts that should be prioritized in the installment period? Should you have more children, a dog or a car?

There are many factors that can respond to your future financial situation, so be well prepared before requesting a loan-free loan.

  • Installment Freedom