The loan despite the good behavior phase could be interesting for many people. On May 16, 2013, the Bundestag changed the bankruptcy law. If you manage to pay off 35 percent of your debts in the bankruptcy procedure, you can shorten the behavioral phase from six to three years.
Credit despite good behavior phase – faster debt free on credit
In the past, the period of good behavior repeatedly caused political explosives. The creditors were six years too short, with regard to other countries the German regulation seemed excessive. Courageous debtors tried to conduct personal bankruptcy abroad. Those who had the necessary skill and stamina were rewarded with a much earlier debt relief.
The credit, despite the good behavior phase, should be given a new boost with the law change of May 2013. The bankruptcy law was changed. If you manage to reduce 35 percent of your liabilities within the first three years, you can request that the behavioral phase be shortened. This makes it possible to get the residual debt relief after just three years. It is problematic for many affected people to reach the high rate.
Modest credit prospects in bankruptcy
Without outside help, the debtor has little chance of getting a loan despite the good behavior phase. However, the change in law could be useful for some debtors.
Close friends or relatives could be persuaded to take out the loan on their behalf. Neither the bankruptcy nor the negative Credit Bureau play a role, since the insolvent debtor does not appear. This loan could be used to increase the repayment rate. This clears the way for debt relief in just three calendar years.
There is now also new scope for negotiations with the main creditor, usually a bank. In cooperation with the insolvency administrator, the following credit business would be conceivable. So far, the main creditor has only received a small portion of his claims. After six years, he can probably write the rest off permanently.
A dedicated loan could increase the repayment rate and would have two advantages. Most of the newly lent money goes directly back to him. He hardly takes any risk. For this he holds a new title in his hand that is not threatened by the discharge of residual debt.
Trust in the creativity of the credit intermediation industry
Credit brokers are reluctant to take a safe deal. When it comes to designing new financial products, they are unbeatably creative. The financial experts also have some time before the law comes into force on July 1, 2014.
One possibility could look like this: Insolvency debtors who only lack a small amount to reach the 35 percent would be ideal for a lending transaction. A surety could provide the necessary additional security for the earmarked loan.
The new loan cannot refuse to discharge the remaining debt prematurely unless it is non-performing. For the period up to the discharge of the remaining debt, he could be made repayable. The debtor is then free of old payment obligations. He can therefore easily repay the loan in spite of the good behavior phase.