- 01 Oct
DISCLAIMER OF OTHER LIABILITIES
WHAT IS IT?
Individuals in bankruptcy may require a disclaimer of other liabilities which is not completely paid in the process of bankruptcy or in the five years previous to its closure.
This institute aims to protect the debtors who are individuals, since it is the intent to enable individuals to have the so-called fresh restart, making a new beginning possible, with the relief of the unpaid debts, verified that they are assumptions (prescribed by statute).
This institute constitutes a pure gift granted to the insolvent, entirely at the expense of the creditor’s capital, only justifiable if the debtor, regardless of whether he adopted a clean behavior throughout his life, is confronted, due to an unexpected and incontrollable stream of bad luck, with a situation of absolute lack of means to satisfy assumed commitments of a pecuniary nature.
This benefit will only be given to those who deserve it due to the assumption of behavior in which the transparency and good-faith stand out, regardless if it is related to specific economical conditions or to the protection of the creditors’ interests.
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