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I was forced to declare personal bankruptcy some time back because I couldn’t keep up with my debt and interest payments. Recently one of my former creditors has begun demanding that I repay my debt. Can they demand repayment after I declare bankruptcy?
In most cases, yes. In Switzerland, declaring bankruptcy temporarily pauses claims by creditors and gives you a chance to come up with a more realistic plan for repaying your debts. But your debts do not go away just because you declare bankruptcy.
Even after you declare bankruptcy, your creditors still have the right to demand repayment of your debts. However, whether or not they can forcibly claim your money depends on how much money you earn. In most cases, only income or wealth above what your municipality considers to be the minimum necessary to maintain a reasonable existence can be claimed.
If you are living on welfare and have no savings to speak of, you won’t usually be obligated to make debt repayments. But if you are earning a fair income or have some savings, your creditors may have the right to lay claim to part of these.
