Debt erasure for the disadvantaged

Do you owe money, but you do not have any idea how to deal with the situation? If so, it may be a good time to stop burying your head in the sand because we all know that debts will not disappear overnight. We have to pay them or at least try to erase them in an orderly fashion because the situation is going to get worse every day.

That’s why debt erasure for the disadvantaged is an option you should investigate, assuming you actually fall into this category and want to deal with the situation in the best way possible.

It is important to understand that the law clearly and unambiguously states who can be considered disadvantaged, so the first thing you should do is to see if you belong in this category. If your debt doesn’t exceed 800,000 ILS to all creditors and if in the past 3 years you have paid your dues, you have a chance to get approved for debt erasure and it’s absolutely worth it.


Debt erasure – Who does it fit?

Beyond the question of your debt’s sum, it is important to understand that another clear condition is the reason which put you in debt. That is, if debt erasure for the disadvantaged is only meant for those who fell into debts by an honest mistake, that means not as a result of fraud or becoming indebted deliberately. In addition, this process will fit those who paid their dues until the day of the submission of the application and there is no way for them to get on their feet if they are not helped in some way. Debt erasure is your way to begin a new life, to start from scratch, and admit that you may have made a mistake, but you deserve a second chance.

Therefore, it is natural for all those following the criteria to want to submit the application as early as possible, because why should you postpone it? The economic rehabilitation of a debtor after paying their debts is not simple, even if their debts have been erased and even if the sum is not very high. The difficulty is not only on the physical and operational level of life but also on the emotional level and it is, therefore, best to deal with the matter as quickly as possible.


Debt erasure – How will a lawyer assist you in this matter?

Many times, people who think of submitting an application for debt erasure for the disadvantaged make mistakes when they try to save money by dealing with the matter themselves. It is important to know that although the internet is filled with information about this subject, inevitably, there is no substitute for professional assistance, someone who knows the law, studied the matter and will be able to help you.

That’s why it’s best to turn to a lawyer, who studied the field, who is knowledgeable in it and has acquired all of the relevant experience; so why take unnecessary risks? Daniel Yanovsky and Barry Miskevich are professionals and it’s worth meeting them today. It is time to take the steps to economic rehabilitation and there is no doubt that we can help you in the most effective and efficient way possible.



*The above article is by no means a legal advice; any use of this information is solely under the reader’s responsibility.

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About the author:
Daniel Yanovsky Adv.

Yanovsky & Miskevich Law Firm provides a wide range of legal services to individuals and legal entities in Hebrew, Russian and English, in Israel and abroad.

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