It’s a topic that nobody really likes to talk to, let alone experience: insolvency ! Be it professionally or privately. Those who carry the stigma of bankruptcy are often denounced by society as failures, failures and other titles. However, it often turns out that while pretty much everyone is familiar with the concept of bankruptcy, hardly anyone has real knowledge of bankruptcy as a “procedure”. Let’s take as an example the question of whether you have the right to receive a loan in the bankruptcy. If one were to make a survey of this, an estimated 99 percent would answer the question as to whether an insolvent entrepreneur or an insolvent individual still gets a loan, with a clear “no”. Which sounds logical at first glance, because whoever has debts that can not be paid should not be allowed to make further debts. But it’s just not that easy! Why?
Entitlement to credit: Bankruptcy is not the same as bankruptcy
With regard to bankruptcy, a clear distinction is made between 2 groups of persons in Germany, which results in different rights and possibilities with regard to the topic of ” credit “. Because the sticking point in the bankruptcy is a clear distinction between entrepreneurs and consumers. This distinction determines whether a loan is even possible despite insolvency . If it is the insolvency of a company with a court appointed insolvency administrator, the primary objective is to preserve the company. In order to make this possible it is attempted by means of new investors and collusion with the banks to bring that company by means of new, fresh loans back on track. In the case of the bankruptcy of a private person, however, this looks completely different. Private insolvency is a procedure regulated by law in which entrepreneurial room for maneuver simply does not play a role in the maintenance of jobs. But is this synonymous with the fact that you generally get no credit in the private bankruptcy?
Credit in private bankruptcy: what options are there?
Such a question can not be negated in principle, even if the possibilities of a loan in private bankruptcy are clearly limited. So it is quite possible to turn to a loan broker with a loan application, whose activity can lead to obtaining a loan without SCHUFA from abroad. Another option is to use a credit project to contact known lending platforms and seek private investors. However, the insolvency proceedings should not be concealed here. For a private insolvency procedure means in plain text actually “insolvent” to be.
In general, one should use the personal bankruptcy, however, to get back a financially pure vest! The inclusion of new loans in the private bankruptcy are therefore not really recommended.