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Kanzlei Verbracken & Partner
Insolvency in Latvia
A sound decision considers more than the shortest timeline. We assess access requirements, asset realisation and the subsequent discharge plan.
Two procedural stages
Personal insolvency comprises an asset-realisation stage and a discharge stage. Duration depends on debt levels, available income and fulfilment of the plan. A blanket promise of being debt-free in six months does not describe the complete process. The court, administrator and statutory cooperation duties determine the framework.
Eligibility and continuing contributions
National eligibility conditions and exclusions apply alongside COMI. Latvia’s supervisory authority refers, among other requirements, to tax status during the preceding six months. Payments under a discharge plan reflect income and statutory minimums. These can change with the minimum wage, so the budget must be calculated using current figures when applying.
Which documents help?
Prepare claims with due dates and security, tax records, income, expenditure and assets. Previous proceedings and transfers also need disclosure. We assess whether Latvia fits your actual living and working arrangements and which alternatives should be compared.
Sources and legal foundations
Sources checked: 14 September 2026
Your situation deserves a clear next step.
We assess your circumstances personally and involve the appropriate professionals for legal and tax questions.