There may be many reasons why you, as a private individual, have a large debt that you are unable to pay in the foreseeable future.

The debt may have been incurred in many ways, for example, following a divorce, the sale of a home, an enforced sale, a consumer loan, business losses, taking on new debt to pay down existing loans, guarantee obligations, etc. The debt may also have arisen as a result of a personal bankruptcy. There are many potential reasons, but one thing all the possible situations have in common is that the debt is so large it is difficult to see a way out of it.

Regardless of the background of the debt, you should consider the options for debt restructuring. To achieve debt restructuring, a number of specific conditions apply and if you meet the conditions for debt restructuring, you can be free of your debt after - as a general rule - three years. Even if debt restructuring is not the solution for you, it can often be opportunity to start a dialogue with your creditors about a voluntary settlement of the debt.

At GALST, we specialise in debt restructuring and voluntary arrangements. We have many years of experience in this area and as an ancillary to the probate court in cases concerning debt restructuring, we are very familiar with the specific conditions that must be met for debt restructuring to be achieved. We help you to identify whether debt restructuring or a voluntary arrangement may be the right solution for you.