Bankruptcy Services
Bankruptcy Services can help individuals eliminate debts or create a plan to repay them. A bankruptcy case typically begins when the debtor files a petition with the Bankruptcy Court. This petition can be filed by an individual or a business, and all bankruptcy cases are handled in federal courts under the regulations outlined in the Saudi Bankruptcy Law.
Types of Bankruptcy:
- Personal Bankruptcy: Individuals can file for bankruptcy based on their financial circumstances.
- Municipal Bankruptcy: Cities, towns, tax districts, and utilities can file for bankruptcy.
- Corporate Bankruptcy: Business entities can declare bankruptcy.
- Debt Relief for Farmers and Fishermen: Special provisions exist for these groups.
- Cross-Border Bankruptcy: Cases involving parties from multiple countries.
Process and Procedures:
- Series 100 Forms:Used by individuals or married couples.
- Series 200 Forms: Filed on behalf of businesses or other entities.
- Individual Business Owners: Must use forms from the Series 100.
Bankruptcy Services
It is strongly recommended to seek legal counsel for bankruptcy procedures, as bankruptcy has long-term financial and legal implications. While individuals can file their petitions independently, professional guidance can significantly mitigate risks.
We also recommend working with trusted firms like Business Pillars CPAs, to receive expert advice within Saudi Arabia. These firms ensure that the necessary procedures are handled with high precision, preventing potential legal complications.
Bankruptcy Services