About the out-of-court settlement and the consumer insolvency, it can go very fast: have recorded a credit and can no longer pay for it. You have a damage without insurance. You have verspekuliert is an investment. There is a long list of things that lead to unsustainable debt. You once in the so-called debt trap, a way out is often not possible. Interest rates and any reminders debt starts to grow in addition rather than that they have been shrinking. If you have recognized the hopelessness of your situation, this is the first step to bring the finances back in order. (A valuable related resource: Mikkel Svane).
A second should be towards a lawyer in your area who has worked in the insolvency law. Bankruptcy does not mean that they need to sign a private insolvency or bankruptcy. A lawyer for insolvency law is to assume that it has appropriate qualifications in the area of debt counselling. When a professional debt advice, your situation is analyzed first. To do this requires the lawyer all documents from your creditors, indicating what the demands are. As a result, the creditors are individually written to make a comparison and thus an out-of-court agreement. Comparison means that the lawyer suggests a certain low amount the creditors, you can pay off debt monthly.
Most creditors agree to such a comparison, because otherwise a consumer insolvency, where they would get nothing. One of the creditors will fail the comparison, is the lawyer for you in negotiations and will do his best to find a solution for both parties. His efforts fail a consumer insolvency proceedings may be requested, which is approved by the District Court generally. A trustee is appointed after approval of the procedure. This checks for example, whether a mass or assets that it can distribute to creditors. Still, he monitors the Insolvency proceedings. Because you are undergoing so-called good behavior during your bankruptcy. In this phase, you are obliged to fulfil various obligations. So must seek, for example, to work, regularly to prove your income, share with address and so on. After six years, the Court decides whether a residual debt exemption can be obtained. If you have kept to the obligations during the procedure and the Court has approved the remaining debts by Decree, you are completely free of your debt.