Bankruptcy services
Bankruptcy services can help a person get rid of debts or make a plan to repay them. A bankruptcy case usually begins when a debtor files a petition with the bankruptcy court. The petition can be filed by an individual or a corporation, and all bankruptcy cases are handled in federal courts under the rules set forth in the Bankruptcy Code of Saudi Arabia.
Types of bankruptcy:
- Individual bankruptcy: Individuals can file for bankruptcy based on their financial situation.
- Municipal bankruptcy: Cities, towns, taxing districts, and utilities can file for bankruptcy.
- Corporate bankruptcy: Businesses can declare bankruptcy.
- Debt relief for farmers and fishermen: There are special provisions for these groups.
- Cross-border bankruptcy: Includes cases involving parties from multiple countries.
Process and procedure:
- 100-series models: Used for singles or married couples.
- 200-series forms: Used on behalf of companies or other entities.
- A sole proprietor must use the forms numbered in the 100 series.
Legal advice for bankruptcy services:
In the end, it is highly recommended to get legal advice for bankruptcy proceedingsbecause bankruptcy has long-term financial and legal ramifications, even though individuals can file on their own.
We also recommend dealing with trusted companies like Rakayas Business Pillars to get expert advice in Saudi Arabia, and we do the necessary procedures for you meticulously to prevent any legal issues.
Bankruptcy services