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Professional Code

In practice it is often faced with the question: ” and if I can not pay the loan, what I get for this?” But in order to correctly and fully answer this question – you need to know the following points: 1. Target credit or not. 2. Amount credit and outstanding balance. 3. Whether the property is mortgaged to the bank. 4. Is there anyway to any property from the borrower. 5. Whether there is sureties. And only after you get the answers to the questions above – you can already give professional advice has addressed to you man. But there are also common to all “happy” owners of credit conditions and the consequences – the existence of a debt and is not responsible for its return. What are the consequences of not paying the loan?

The first duty of the debtor to remind employees of the bank through telephone calls. In this way, the debtor’s worried about a month. Further, such a citizen may be deported notice of the need to repay the loan, which give a deadline for repayment of about 10 – 15 days. If this action had no effect, the bank goes to court to terminate the loan agreement and recover debt, interest and penalties. Court on the basis of documents submitted by the bank makes a decision. This procedure will take at least another 2 – 3 months. If a citizen would not appeal the decision of the court, after 10 days it enters into force. And from then on bailiff will execute the decision of the court. Them to this law assigns 2 months. (Adding all these terms, we obtain a period of six months – during which you can manage to fix your finances situation and avoid further unpleasant consequences). Bailiffs can seize your assets: bank accounts in the bank, consumer electronics, luxury goods, a car. Everything will depend on the amount owed to Bank. It’s worth noting that the arrested property will likely appreciate much cheaper than its real value! (The usual practice for the Russian executive production). Subsequently, the property will be arrested sold and the proceeds will send bailiffs to the bank. What else could be expected of a citizen of the debtor.

Perhaps the inspector will make a ban on travel outside the country. Thus you will not be able not only to go on holiday abroad, but and not be able to visit your relatives, living in neighboring countries. If a citizen of the debtor no assets to repay the loan, and this citizen will not take any action on its maturity, the bank will send statement to law enforcement authorities for professional proceedings against the debtor. A professional case can sue on 2 articles of the Professional Code: 159 (cheating) and 177 (malicious evasion of repayment debt – if the amount exceeds 250 000 rubles). To avoid the professional liability can advise to pay debt on the loan even in small amounts. Thus, the actions of the debtor would be absent intent, and it is more difficult to prosecute. In the end, I would like to note that if you decide to take out a bank loan – weigh again all the pros and cons. If it is possible – consult with lawyer. Perhaps it will save from hasty action, and in the future – keep your existing property from seizure and sale. Good luck!

The Competition

These other financial entities, acting only to natural persons – not societies-, allow funding with records of delinquent payment incidents, although the interest rate and the fees applied is more unfavourable. 4. The competition of creditors.-in accordance with provisions of the existing bankruptcy law individual entrepreneurs and physical persons can submit a bankruptcy Declaration in cases occur a situation of insolvency. Then we will try to explain the advantages and disadvantages of attending a bankruptcy procedure as a way of resolving a situation of family economic crisis. A. the Declaration of insolvency by insolvency of individuals or consumers. Economic crises of individuals are usually vented, as we have said, externally to the solutions offered by the current and existing bankruptcy law. The so-called family insolvencies or of an individual entrepreneur turn out to be a rather strange phenomenon in Spain which, however, turns out to be quite abundant in the environment of the European countries.

E.g. in Germany in the year 2004 there were more than 84,000 contests by insolvencies of individuals. To verify this, we only need to view statistics of the commercial courts which last year processed just as one hundred and fifty insolvency of individuals. The competition of creditors is a suitable legal instrument to get a negotiation between the debtor and its creditors for a particular type of debt. By the conclusion of a Convention advance or judicial, it is possible to get a delay in the fulfilment of our obligations of payment time.

However, legal regulation also presents certain disadvantages that make it, completely, inadvisable for individuals. The competition of creditors is, always, the last measure, in order to avoid a procedure of embargo. Anyway, must of bear in mind that the bankruptcy Declaration does not exempt from compliance with our obligations of payment. The bankruptcy procedure is a legal solution which can go to remedy a situation of family, current or impending insolvency. Through it, at best, we can get a stoppage of the executions that are pending and the accrual of interest. I.e. all embargo procedures are paralyzed and stop the accumulation of interests of outstanding claims. The main disadvantages that entails the presentation of these bankruptcy declarations are as follows: 1. accredited solvency.-the Declaration of insolvency by insolvency is recommended for all those individuals who possess a heritage that far exceeds the value of the debt. 2. Personal loans or credits to the consumption-the bankruptcy Declaration is intended to not subject to a security right credits. In mortgage lending, where the residence of natural persons, is the bank guarantee, in case of default, not be They paralyze foreclosures, in the event of a bankruptcy filing for insolvency. (vine art. 56 LC). 3. The cost of bankruptcy proceedings.-the economic cost that must be borne by the individuals attending the bankruptcy Declaration by insolvency ranges between 10 and 15 percent of the total debt. This amount is intended to cover attorney fees, rights and supplied of the Procurator, the fees of the administrator, etc.

Czech Republic

Domestic demand for Czech citizens also increased with a constant annual growth, young families, could easily acquire housing and living independently, paying the monthly mortgage payments. Ski tourism Czech Republic has galvanized interest in the land and building in mountain areas the Czech Republic, both in the north and south of the country. For many, it is no secret that the face the Czech Republic after the revolution in 1989 and entry into the European Union in 2004 had changed markedly. And these change for the better influenced both the development of the country and in the development and improvement of living conditions of citizens of the Czech Republic. This stage of development of the Czech real estate market shows stagnation in prices per square meter of housing and reduce purchasing power. Yes, the crisis has also visited and the Czech Republic, but also portends a collapse in property prices has not taken place.

In some areas, slightly dropped the price on the secondary real estate market of the Czech Republic. Construction of new objects are not dropped, but continued with the planned pace. Laying of new construction at the moment comes after a detailed analysis of the economic situation in the Czech Republic and in the world. Prices per square meter of a new European-level housing in the Czech Republic has retained its value. Consumer boom was still limited and the change in policy of the banking sector. Total amounts of loans issued fell in two, even three-fold. Interest rates per annum are currently 6 – 6,5 percent.

Savings Scenario

It was hoped Spanish families saving capacity drops to 2008 levels, the reasons – repeated until exhaustion, invite reflection. To begin with, the families Spanish saved less in 2010 than in 2011, the VAT rise and the implementation of austerity measures were, along with rising mortgages and rising inflation, the main causes for this scenario. More info: Rob Daley. As it can be seen from the analysis of the variables, savings will continue on downward path, the main reason is the decline of pensions and, while the disposable income of households continues to shrink in the second quarter, the figures speak for themselves: unemployment rate: 21% inflation: 3.6% Euribor 2,093% interest rate: 1.25% the Euribor maintains its upward path and today experiencing a rise of 10 thousandths redials maximums of the two years in a scenario in which – for the first time since the launch of the Euro, Euribor doubles at official rates. Inside the best tips of the present time-saving emphasizes the return of high pay deposits and bank accounts that contemplate all kinds of exemptions, commissions, bonuses, etc. with mortgages 600 euros more expensive thanks to the rise of the euro and the delicate situation in terms of public and private debt that exists in Spain, saving capacity reduction is nothing but a logical consequence of a crisis that forces us to look at the future through other paradigms.

Federal Reserve

In which she goes of the year, 800,000 people remained without use, 200,000 of them only in the month of September. This takes the total of unemployed people to 9.5 million, to which other six million are added that only work partially. September of 2008 already has been devoted like one of the most unlucky months of recent history, if not the one that more. The hypothecating fiasco has made disappear the credit, and in this society, without credit, nobody purchase nothing. The companies cannot obtain credit to do against their debts and those that cannot receive either can pay. The sale of new properties descended more to the level under last the 17 years and in the last 12 months its value declined 16.3%, in agreement with Standard & Poor s. The automotive companies, on the other hand, report the sales more exiguas of last the two decades: only in September, a 30% fell.

The airplanes travel half empty. For more information see Mirilashvili. The supermarkets are selling more eating for the simple reason that people avoid to eat outside. According to Moody s Economy.com, the net value of the North American homes (the total of assets of the familiar group, except the liabilities) it fell 10 trillions of dollars in last the four weeks, and the retirement plans there are lost two trillions of dollars in the last 15 months. The efforts of the government and the Federal Reserve to insufflate liquidity in the market encounter the more and more intense distrust of the public, who feels that the crisis has still not touched bottom. It adds to us Diament in its writing, that gradually begins to appear heartrendering histories of relatives, known friendly or that is lost everything or is on the verge of losing it. People appeal to her savings, their reserves and their plans of retirement. According to The Wall Street Journal, the persistent fall in the price of the properties, that in some areas arrives until 30%, she has caused that, practically, one of each six houses has mortgages by a value superior to the one of the building.

Horacio Pozzo

It does click herein order to acquire the Course. In the last months, we have been present at a recovery in the real estate market. The prices of the houses have raised in July by third consecutive month, the requests of mortgages reached in the month of September their maximum in four months by the fall in the interest rates and the inventory of houses has been reduced. The requests of loans to even buy a house, an advanced indicator of the sales, it has raised in September the greater level from beginnings of January. It pretends but it is not the real thing in the real estate market. The aid that received the buyers (with a credit of US$ 8,000 for a first buyer) that will extend until the month of November, maintain a demand without solid foundations. The weakness of the labor market with a leisure that follows in growth and the persistent problems in the American financial system is elements that anticipate a reversion in the behavior of a real estate demand that will follow suspended.

Part of the problems that exist from the side of the demand in the American real estate market, stays still hidden generating a risk latent of new episodes of crisis. Rob Daley has many thoughts on the issue. According to a report of the banking regulators, more than half of indebted hypothecating with credits renegotiated in first half of the last year, they later observe a delay of at least two months in the payment of its quotas a year. For the next months great losses in the credits do not discard real estate commercial that puts in jams to the American organizations financial, leaving in clearly in addition, that this segment of the real estate sector far is of its recovery. And while the number of houses without selling would have touched bottom, the prices would be on the verge of falling still more, increasing the pressure on the economy again. For the economist Robert Shiller of Yale University, the perspective are still more dark.

Shiller that outside one of that it anticipated the crisis in the American real estate market, foretold that the prices of the houses will delay time in recovering enough. Although the programs of stimulus and the plan of purchase of assets of the EDF have contributed to maintain the prices of the houses, the same, as we would mention previously, will finish in just a short time reason why the market will lose forces. Neither in the sky, nor in hell. The American economy in particular, and the global economy generally, still are in purgatorio, cleaning their faults of a crisis that not yet has finished. Prudence would have more to be the mentioned word in this end of the recession. If they want it to the markets to avoid, from the governments one would be due to implement with concrete measures. In addition, the fragilities and risks that still persist must be monitored close by and having predicted plans of emergencia to respond to possible new episodes of crisis. Will be able to be consolidated the recovery or the excess of optimism will take to new relapses?