Discharge Of Liabilities

Our release of liabilities and fresh start service is designed to help individuals who are struggling with debt and looking to start anew. We understand that the process of bankruptcy can be overwhelming and stressful, but we are here to provide support and guidance every step of the way.

At the end of the process, our clients can look forward to a fresh start, free from the burden of debt and financial obligations. We believe that everyone deserves a second chance, and our goal is to help our clients achieve financial stability and peace of mind. With our experience and expertise, we are confident that we can provide the support and guidance needed to help individuals start fresh.

After the court’s decision of discharging individual’s liabilities comes into the force the individual is discharged all of his/her obligations except for the following:

  • Alimony payments
  • From the payments of liabilities hidden from the tax authorities during the year preceding the moment of declaring bankruptcy
  • Liabilities arising from damage to health and life
  • Obligations to compensate for the damage caused by the crime
  • The obligations were not submitted for reasons independent of the creditors;
  • Liabilities exceeding 100,000 AMD undertaken during the 90 days preceding the filing of the bankruptcy application
  • The obligation to return the education loan amount.
  • In case of property being hidden from creditors' claims during the bankruptcy proceedings, in the amount of the value of the hidden property

In case debtor has single apartment to live then the apartment is not subject to confiscation if the price of apartment is below 4,900,000 AMD. If the price is exceeding the amount set by the law then after the sales of the apartment 4,900,000 AMD will be returned to the debtor.