The insolvency law for individuals is to allow the debtor no individual trader to claim a legal procedure that allows through a process of debt negotiation in conciliation court hearing to conclude a payment agreement with its creditors and thus fulfill their outstanding financial obligations regardless of their nature, except those arising from maintenance obligations, or executive processes relating thereto.
It is understood that the natural person may invoke the non-dealer insolvency, when a debtor is in default status. The debtor is in default when payment fails two or more obligations for two or more creditors more than ninety (90) days, or were studying the claims against one or more enforcement or coercive jurisdiction by requiring payment any of its obligations. In any case, the percentage value of the defaulted obligations or judicial or forcibly claimed must represent not less than 50% of total liabilities by the debtor as of the date of the financial statements of the application, in accordance with for the effect of this Law.
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