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Judicial bankruptcy

Judicial bankruptcy is a debt relief procedure implemented upon the debtor's application to the district court at the place of its registration. The process is carried out with the participation of a financial manager, who distributes the debtor's property (if any) to fairly satisfy the creditors' claims.

When is a judicial bankruptcy appropriate?

A judicial bankruptcy procedure may be applied in the following cases:

  1. You are a citizen of Kazakhstan.
  2. You have debts that you can't pay.
  3. The amount of debts exceeds 1,600 MRP

Stages of judicial bankruptcy proceedings:

  1. Filing an application with the court
  2. Assessment of the debtor's financial position
  3. Foreclosure defense
  4. Valuation and distribution of assets
  5. Bankruptcy recognition and debt relief
  6. Control over financial condition after bankruptcy

The result of judicial bankruptcy:

  • Complete debt forgiveness if the debtor's estate does not cover all obligations.
  • Prohibition on obtaining new loans - within 5 years after declaring bankruptcy the debtor cannot take a loan or credit (except for microcredits).
  • Monitoring of the debtor's financial condition for 3 years after the completion of bankruptcy proceedings.
  • Restriction on re-bankruptcy - re-bankruptcy proceedings are possible not earlier than after 7 years

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