If citizens wish to declare their insolvency, they must collect the requirements to declare insolvent which will be explained later in this article. Take note and keep reading!
Insolvency is the failure to cancel a debt. That is, the state of the debtor who lacks assets that can respond to the fulfillment of his responsibility.
Process to Declare Insolvent in Chile
Declaring insolvent is an administrative, free and optional method whose purpose is the agreement of the debts of a debtor or for the transaction of their assets to cancel the payment of the debts, in which the Superintendency of Insolvency and Re-entrepreneurship Run as a facilitator of agreements between the debtor and his creditors.
The citizens who can aspire to these procedures are the natural persons who are competent as debtors. That is to say, natural persons who have not submitted fee tickets generally in the last 24 months and those who are not a first category cooperator through the Internal Revenue Services (SII).
Requirements to declare insolvent
- Citizens must contain two or more obligations of expired debts, for a period of 90 continuous days, where it must be enforceable. You must proceed through different obligations that add up to obtain the result referring to 80 Development Units (UF).
- The person under no circumstances should have received any notification of a demand for forced liquidation or of any executive discernment begun in his opposition that is not of labor origin.
- Citizens who need to check if they have a claim affiliated with their RUT.
Documents Needed to Declare Insolvent
The citizen with having continued with the requirements to declare insolvent You will need to collect the following documents that will be explained below:
- The person must contain a sworn declaration by listing all of your responsibilities (debts).
- You must have an affidavit of all income that you observe, with the agreed documents.
- Affidavit regarding listing of all goods, manifesting those that the law exposes.
- Affidavit stating that you are referring to a debtor citizen.
- The citizen must contain an affidavit stating that they have not been informed of a claim through a liquidation or any other executive judgment.
- The person must have the renegotiation proposal of all responsibilities.
Documents for the Renegotiation procedure
With having the documents explained in the previous point, others must be added, which are the following:
- Copy of their respective identity card on both sides, both of the debtor and the representative.
- Document of your marriage certificate in case it is needed.
- Citizens must have the document showing all debts, both those that are in force and those that are counted as expired.
- Certification regarding the quotes that it contains for the last 12 months in which the RUT appears.
- Document where the citizen must show his income.
- Carry out the documentation of the debt manifested by the Commission for the Financial Market.
- Document by at proof of debts manifested by the Commercial Bulletin.
- Guarantee of up-to-date possession of the goods subject to the registration network, for example: real estate, liens, vehicles, etc.
- Real estate tax appraisal document that the person who has expressed and the valuation of the furniture.
- The citizen must have the tax folder where they aspire to obtain credits regarding the Form 22 and 29 that you can get it through Internal Revenue Service.
- Document referring to the bill of fees manifested at the end of the last three years.
- Documentation through third-party fee tickets (BTE’s) suitable for the last three years.
- Notice of showing the last income withholding agents, pertaining to the last three years.
Through this method, the debtor citizen may agree to renegotiate their respective debts or responsibilities, deciding with their creditors new requirements for the payment procedure.
For example: more time, less amount of interest or months of grace, among others; or through the realization or sale of each assets that make up the patrimony, so that citizens can pay off their creditors with the money requested.
This procedure stands out in three hearings which are:
- Through passive determination.
- Through renegotiation.
- According to the execution b.
How to do the procedure?
The requirements to declare insolvency in Chile are only a small step to obtain the necessary solvency. This is because you need to complete the procedure, and like everything in the visa, it has a procedure. Two of the ways you can do it are explained in detail below.
Requirements to declare insolvent andn office
You can complete the procedure by going to the Superintendency of Insolvency and Re-entrepreneurship, located at Hermanos Amunátegui 228, Santiago. Working hours start from Monday to Friday from 9:00 am to 2:00 pm. In that case, citizens can also attend regional agencies.
Once the person has arrived at the place, they will have to explain the reason for their visit, where they must request the beginning of the bankruptcy renegotiation procedure.
You must deliver the requested information, however, as a consequence of the procedure, you must have submitted the request for the procedure. In addition, they will send you a proof of income-application.
Requirements to declare insolvent andn line
The citizen can enter the web portal of the organization where you must click on online procedure, then you must select to start the renegotiation procedure.
The person must put their RUT , your respective password and you will have to click on authenticate, and then click on the start tab. It continues to fill in all the important information that it asks for, then it will attach the documents to select the next option and then finish.
Upon submitting the application for the procedure, the citizen will receive a receipt regarding his or her income.
What is it?
Insolvency can be final and provisional. Insolvency is the state in which a person finds himself when the set of all his assets does not allow, normally valued, to settle his debts. The provisional exists when at a given moment the lack of equity liquidity does not allow the debtor to pay their debts, even though the assets are not less than the liabilities.
Filing insolvent is the same as filing for bankruptcy. This happens when the asset is minimal to the claimed liability. Therefore, insolvency is that moment when an organization or person is unable to cancel the payment of their debts.
Law 20,720 helps every natural citizen to file for bankruptcy. Any student of the professional level, work, person who owns a home can declare as long as his category in indebtedness considerably exceeds his ability to pay.
The main advantages that this law allows is that citizens agree to run out of debt and leave Dicom. In addition, it gives the debtor the opportunity to determine the payment time and forgive the interest.
During the process, the debtor can count on financial protection, so that the citizen is not committed to an increase in interest or a confiscation.
This law reduces the times, in the case of which the process had a duration of two years, currently it lasts between four and months.
It is important to note that citizens can consider themselves bankrupt as many times as they wish, as long as they comply with having spent five years between each procedure and another. For example, if the person declared in 2018, they would have to do it again in case they wish in the year 2023.
It should be noted that time progresses from when the bankruptcy is accepted, not from the end of the process.
It is important to note that the debtor has two options which are:
This option allows the citizen to negotiate with the organizations that he owes, under the responsibility according to each person. You can aspire to a new payment period, a reduction in the amount and even the forgiveness of interest.
The purpose of this alternative is to help people who have the responsibility to cancel their respective debt, through certain parameters.
Liquidation of goods
If the citizen chooses this alternative, he must establish his assets at the disposal of an auction. That is, with what you collect you can cancel what you owe.
Citizens who need to be insolvent should follow the requirements to declare insolvent to start completing the procedures as quickly as possible.
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