Erasure of old debts

Do you owe money and you don’t know how to deal with the situation? If so, you should know: You have someone to turn to and you are not alone in this situation. Any one of us, even amongst the most responsible people, can find themselves owing a lot of money to different creditors. Sometimes we may owe money to individuals, sometimes it’s about suppliers who brought goods to our business and in different cases the debts are to the local authorities.

The common theme in all these situations is the one who you owe money to will do everything, within reason, to try to get what they deserve from you. That means you may ignore the situation for a short period of time but during that time, while you may pretend that your debt doesn’t exist – it will only increase. Therefore, if you have old debts, you should start taking care of them because erasure of old debts is something that can and should be dealt with once and for all.


What should be clarified when you wish to erase old debts?

During the process of erasure of old debts, first of all, there is the need to understand how the debt was created. Was the debt created because you didn’t pay at all? Because you didn’t know that you owed money? Or maybe because you paid only part of what you owed? In addition, it is also important to check how your creditors collect the debt. Is there a way to reach a reasonable payment arrangement that you can meet with them? And is there an option to give up on the accumulated interest fee because you didn’t pay on time? After we get all this data, we will be able to decide how to deal with the situation and later we will act to erase the debt.


Arrangement of payments which can be met

The idea regarding the erasure of debt is not only trying to minimize the debt’s sum as much as possible, but also to see how you can split the sum into payments which you can meet. There is no logic in committing to a payment that will leave you with no money for food and supplies at the supermarket because the matter should be realistic and rational. Therefore, whether it’s about erasing old debts or whether it’s about more recent debts, one should make sure that there is written proof that the case has been closed.

It should be taken into account that when the debt is regarding big creditors like the local authorities, of course, you are not the only ones dealing with them. Therefore, there is meaning to the way you proceed to erase your debt and to the format in which you do it. This is the reason why you should not try to deal with the matter by yourselves and it is definitely best to hire the services of a professional lawyer who can stand by your side and assist you as much as possible.


Which lawyer will be the right one for you?

Erasure of old debts and different conduct, facing the execution office, are amongst the things you cannot do without a professional execution lawyer who is initiated in the field. That is why it is important to check where you turn to and who you receive help from because the idea is to entrust the task in the hands of the one that can help you as quickly as possible. That’s why you should research the following details about your lawyer:

  • When did he finish his studies and for how many years has he been working in this profession?
  • Does said lawyer mainly specialize in erasing old debts?
  • Do other clients recommend him?
  • Is it a lawyer’s office which offers availability at any moment?

It’s important to know, that despite the good intentions to reach an agreement with the creditors, the matter cannot skip court. That’s why the lawyer you call should be a professional who can also respectably represent you in court because otherwise your chance of reaching your goals will be very small. There is a meaning to the way of forming your case and to the way that things are brought and presented in court and the lawyer plays a central role in the matter.


Patience, for the procedure can be long

If you thought for a moment that now, when you are finally ready to deal with your debts, everything will be over in a day or two; you should know that in many situations that is simply not the case. Of course, if you are aware of the debt, take responsibility for it and can pay it at once, you can put an end to the case quickly, however, mostly this is not the case. Therefore, you should prepare yourselves for a long procedure which can have many ups and downs because different factors are involved.

What’s for sure, you absolutely should not postpone taking care of the matter because during that time, not only does the debt increase, but also your creditors can act against you in many ways. They can, for example, seize your salary and even issue an order of prohibition from leaving the country against you. So why should you get into these difficult situations? Although the procedure can be complicated, it is important to start it sooner rather than later because this way, you will be able to begin your life anew as quickly as possible.

Erasure of old debts with the help of the best lawyers in Israel is the right way to do the things, so why are you still waiting?

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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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