A debt of 700 thousand euros: this is what a former real estate entrepreneur, a 64-year-old from the province of Bergamo, found himself having to pay following the bankruptcy of his business.
However, the man did not succumb to the flattery of swindlers and usurers and managed to turn the page by obtaining from the court of his municipality the removal of 92.5% of the accumulated debts.
From the beginning of the business activity, the man had to give personal guarantees to the banks in order to obtain credit lines, aimed at the business operations. However, things did not go as he had hoped, and his business failed to overcome the terrible economic crisis of 2008.
With the declaration of bankruptcy, therefore, the applicant found himself exposed to the actions for the enforcement of the sureties promoted by the banking institutions which were followed by the auction sales of his real estate properties
. However, the proceeds were not sufficient to cover the guaranteed debt exposure. The 64-year-old thus found himself in a situation of over-indebtedness, precisely because of the partial satisfaction of the creditors holding the sureties, with a residual debt of about 700,000 euros.
–
DE L’ECO DI BERGAMO
Log in to read the entire article and all the insights for free. Enter your account username and password.
–
–
