Taipei Bankruptcy Lawyer
Consult with a Proven Taipei Bankruptcy Lawyer
The proven Taipei bankruptcy lawyers at Formosan Brothers law firm have been able to assist clients in bankruptcy cases in Taiwan. Taipei bankruptcy attorneys are knowledgeable in all areas of general bankruptcy law, and bankruptcy fraud claims in Taipei Taiwan.
Contact a Taipei Bankruptcy Attorney with
Experience in Many Types of Incidents:
- Bankruptcy Fraud
- Bankruptcy Litigation
- Consumer Debt Clearance Act
- Debt Relief
- Personal Bankruptcy
- Taiwan Bankruptcy Act
The branch of Taiwan bankruptcy law involves the procedure or legal method by which a debtor is relieved of financial liability for its debts by establishing a court-approved reorganization plan or plan for partial repayment. The purposes of bankruptcy laws in Taipei are to give honest, financially insolvent individuals and debtors of commercial enterprises relief from indebtedness.
Experienced Taipei Bankruptcy Attorney
Bankruptcy proceedings are conducted in the Bankruptcy Courts by Taipei bankruptcy lawyer professionals. A bankruptcy proceeding can either be entered into voluntarily by a debtor or initiated by creditors. After a bankruptcy proceeding is filed, creditors generally may not seek to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings. Furthermore, certain pre-proceeding transfers of property, secured interests, and liens may be delayed or invalidated. Various provisions of the Consumer Debt Clearance Act also establish the priority of creditors’ interests.
There are two basic types of Bankruptcy proceedings, liquidation is the most common. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Not dischargeable in bankruptcy are alimony and child support, taxes, and fraudulent transactions. Filing a bankruptcy petition automatically suspends all existing legal actions and is often used to forestall foreclosure or imposition of judgment. A creditor with a debt secured by real or personal property can petition the court to have the “automatic stay” of legal rights removed and a foreclosure to proceed.
Another form of bankruptcy allows a Taipei business to reorganize and refinance to be able to prevent final insolvency. Often there is no trustee, but a “debtor in possession,” and considerable time to present a plan of reorganization. The final plan often requires creditors to take only a small percentage of the debts owed them or to take payment over a long period of time. This type of bankruptcy is meant for individuals to work out payment schedules.
Trusted Taipei Bankruptcy Law Firm
The Taipei bankruptcy attorneys of Formosan Brothers law firm are distinguished by a history of successful bankruptcy related recoveries. For experienced representation in a bankruptcy case or for assistance filing for bankruptcy, contact a Taipei bankruptcy lawyer with the Formosan Brothers law firm in Taiwan.