Do you need help with debt restructuring?
Debt restructuring or debt relief provides an opportunity for individuals with significant debt to make a fresh financial start. It allows you to partially or completely clear your debts by following a structured payment plan, typically over five years. During this period, you pay as much as you can, based on your financial situation. After completing the plan, any remaining debt is written off. However, this process is governed by strict rules and requires thorough preparation and planning.
Who’s eligible for debt restructuring?
To qualify for debt restructuring, certain criteria must be met. You have to have substantial debt that’s unlikely to be repaid within a foreseeable timeframe. It’s also of significance that your current financial situation is deemed to be long-term, meaning there’s no expected improvement in your ability to repay the debt in the coming years. The Swedish Enforcement Authority (Kronofogden) is responsible for evaluating and deciding on the applications and conducts a detailed assessment of your situation.
The process
- Application to the Swedish Enforcement Authority
Start by submitting your application for debt restructuring, detailing your financial situation, including income, expenses, and debts. Providing accurate and comprehensive information is essential. - Assessment and decision
The Swedish Enforcement Authority carefully reviews your application. If approved, a payment plan is established, usually lasting five years, although shorter plans may apply in some cases. - Payment period
During this period, you make payments according to the established plan. The plan is based on your financial capacity and what the Enforcement Authority assesses is manageable in your case. - Completion
Once you’ve adhered to the payment plan, any remaining debts are written off, marking the end of the debt restructuring process.
What we help with regarding debt restructuring
Legal guidance
We provide comprehensive advice on what debt restructuring entails and whether it’s the right option for you. We assess your financial situation to determine your eligibility.
Support with applications
Applying for debt restructuring can be complex. We assist with gathering and completing the required documentation, ensuring your application is thorough and accurate to increase the likelihood of approval.
Assistance throughout the process
From application to payment period and interactions with the Enforcement Agency, we’re available to answer questions and provide legal support every step of the way.
Get legal help today
Do you need help with debt relief and restructuring? You can always get in contact with our lawyers within just 24 hours when you need quick answers to your questions. Or you can email or call us whenever you need to hire a lawyer for legal assistance.
FAQ about debt restructuring
What’s debt restructuring, and who can apply for it?
Debt restructuring or debt relief allows you to pay off as much debt as possible during a specified period, after which remaining debts may be written off. If you’re heavily indebted and unable to repay within a reasonable timeframe, you can apply to for relief with the Swedish Enforcement Agency.
How long does the process take?
Typically, it lasts five years, during which you live according to a payment plan. Any remaining debts are written off if you adhere to the plan.
Can I apply for debt restructuring if I have business debts?
Yes, it’s possible to apply even with business-related debts. However, specific rules apply, and consulting a legal expert can ensure your application covers all relevant debts and circumstances.
