Best Bankruptcy Lawyers in Amman

About Bankruptcy Law in Amman, Hashemite Kingdom of Jordan

Bankruptcy law in Amman, Hashemite Kingdom of Jordan is designed to provide financial relief and protection to individuals and businesses who are unable to repay their debts. It aims to offer a fresh start to debtors while ensuring fair treatment of creditors. Bankruptcy in Jordan is governed by the Bankruptcy Law No. 21 of 1998 and its amendments.

Why You May Need a Lawyer

Seeking legal advice from a knowledgeable bankruptcy lawyer in Amman is highly recommended in various scenarios. Some situations where you may require legal help include:

• If you are facing overwhelming debt and considering filing for bankruptcy.
• If you need guidance in understanding bankruptcy options and how they apply to your specific circumstances.
• If you want to protect your assets and rights during bankruptcy proceedings.
• If you are a creditor and need assistance in asserting your rights and pursuing claims in bankruptcy cases.
• If you want to explore alternatives to bankruptcy or negotiate debt repayment plans.

Local Laws Overview

Here are some key aspects of the local laws in Amman, Hashemite Kingdom of Jordan that are particularly relevant to bankruptcy cases:

• Bankruptcy can be initiated voluntarily by the debtor or involuntarily by creditors who meet certain criteria.
• The bankruptcy process involves the appointment of a trustee who manages the debtor's assets and distributes them among creditors.
• Debtors may choose to file for bankruptcy under either liquidation or reorganization proceedings.
• The bankruptcy court evaluates the debtor's financial situation, examines claims, and determines the appropriate bankruptcy proceedings.
• Bankrupt individuals or businesses may enjoy protection from legal actions and collection efforts by creditors during the bankruptcy process.

Frequently Asked Questions

1. What are the different types of bankruptcy proceedings in Jordan?

In Jordan, bankruptcy proceedings can be filed under either liquidation or reorganization. Liquidation involves the sale of the debtor's assets to repay creditors, while reorganization aims to create a debt repayment plan and restructure the debtor's financial obligations.

2. How long does the bankruptcy process typically take in Amman?

The duration of the bankruptcy process varies depending on the complexity of the case. In general, it can take several months to a few years to complete. The court will consider the unique circumstances of each case and strive for a fair and efficient resolution.

3. Can all debts be discharged through bankruptcy in Jordan?

No, not all debts can be discharged through bankruptcy in Jordan. Certain types of debts, such as child support, alimony, and certain tax obligations, are generally not dischargeable. It is important to consult with a bankruptcy lawyer to understand which debts can be discharged in your specific situation.

4. Will bankruptcy affect my credit score?

Yes, filing for bankruptcy may have a negative impact on your credit score. It will be recorded in your credit history and can make it more challenging to obtain credit in the future. However, bankruptcy also provides an opportunity for a fresh financial start, and with time and responsible financial management, you can work towards rebuilding your credit.

5. Are there alternatives to bankruptcy in Amman, Hashemite Kingdom of Jordan?

Yes, there are alternatives to bankruptcy in Amman. It is advisable to consult with a bankruptcy lawyer who can assess your financial situation and recommend alternatives such as debt negotiation, settlement, or creating a repayment plan with creditors. These alternatives may help you avoid the more severe consequences of bankruptcy.

Additional Resources

If you are seeking legal advice or more information about bankruptcy in Amman, the following resources can be helpful:

• The Bankruptcy Supervision Directorate under the Ministry of Industry, Trade, and Supply is responsible for overseeing bankruptcy proceedings and can provide guidance (website: www.industry.gov.jo).
• Legal Aid Jordan is an organization that offers free or low-cost legal assistance to eligible individuals in need of bankruptcy advice (website: www.legalaidjordan.org).

Next Steps

If you require legal assistance or have questions about bankruptcy in Amman, Hashemite Kingdom of Jordan, it is recommended to take the following steps:

1. Research and gather information about bankruptcy law in Jordan.
2. Compile your financial documents, including debts, assets, and income.
3. Contact a reputable bankruptcy lawyer in Amman for a consultation.
4. Discuss your situation with the lawyer and provide all relevant details.
5. Follow the advice and guidance provided by the lawyer to proceed with your bankruptcy case or explore alternative options.