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How to work accurately with this book - Applied Economics - Hospitality There are two to four double pages for each chapter. The first double pages are used to acquire basic skills. The last double page contains practical exercises and the competence check. A 10. Personal bankruptcy In 2015, according to the Credit Protection Association, 6,618 people across Austria had to file for personal bankruptcy (www.ksv.at). Do you also know people who cannot get by on their income and are heavily indebted? Another word for personal bankruptcy is personal bankruptcy, which means that one is insolvent. Research the current figures for private insolvencies in Austria and in your federal state. If the bailiff has visited more than once and you no longer dare to open the post office because you are afraid of bills and reminders, you should face the situation and get an overview of your debts. • How much are the debts? • What about the monthly income and expenditure? • Can I make an installment agreement with the creditors? • Is it possible to reschedule? Visiting a debt counseling center can be very helpful here. Look for the address of the debt counseling center in your state on the Internet and enter it. If extrajudicial attempts to settle debt fail, private bankruptcy must be declared. However, this is published on the Internet and in the press. 145 146 My daily finances Vanessa and Oliver had big plans: their own house, their own company, two children, a great car. Everything went well, but unfortunately one of Oliver's major customers went bankrupt. Oliver's company also had to file for bankruptcy. Now the family owes € 300,000. How are they supposed to repay € 300,000 if Oliver is now unemployed? What do you suggest? 48 Personal bankruptcy 10 How does a personal bankruptcy work? Theoretically, there is the possibility of submitting a restructuring plan (minimum quota 20% for a maximum of five years). If the majority of creditors agree and if the debtor adheres to the agreements, the process is terminated after five years. However, this option is rarely used in practice with private individuals. If the majority of the creditors agree with the restructuring plan or if none is presented, the asset will be realized. The remaining debt is then discharged. the debtor has sufficient funds to lead a simple life according to minimum standards. Explain the term "discharge of residual debt". Debts that are open after seven years are canceled. Mosaic Vienna calls this "animal"? Tip: The name consists of two words. The first word means "no money", the second word is the name of a bird. Bankruptcy no further interest payments Blocking of the bank account Publication no further executions Opening of the debt settlement procedure Submit an opening application to the district court Create and apply for a payment plan Apply for a levy procedure Create a register of assets Submit an application to the district court Payment plan (for a maximum of 7 years) Creditors must agree to the creditors. 10% of the debts and procedural costs are processed within 7 years or 50% in at least 3 years Asset utilization 147 49 My daily finances A exercises Which of these statements could indicate a debt trap? ● I can no longer buy new shoes at the end of the month. ● At the end of a month, I have no cents left. ● I have to save up for a major purchase. ● I have to keep a precise record of my income and expenses so as not to lose track of things. ● My monthly income is always too little, which is why I am happy to accept the offer of the "payment break" (e.g. pay three months later) from some shipping companies. ● I only check my account balance twice a month. ● I have already spent the 13th and 14th draw in advance. ● I can only deposit EUR 15 per month into my savings account. ● I often postpone the transfer of open bills or other payments to the next month because I currently have no financial resources. ● I can no longer pay fixed costs such as rent, electricity or gas. ● I can't afford to go on vacation to India. If one or more of the statements in exercise 136 is true, discuss what measures can be taken to avoid the debt trap. Make a poster for the class to represent. For which of the following purchases or expenses you would incur debts, e.g. take out a loan. Explain your decision and discuss your opinions in the group. Add these results to your poster. ● new car ● apartment ● purchase of a plot of land ● home furnishings ● new winter outfit ● sound system for the car You find out for the third time in a row that you have no more money at the end of the month. What measures are you taking to solve the problem? Check income and expenses.What can I do without? Where can I save? Pay close attention to expenses; do not buy anything on installments; save first, invest later; No late payment dates 148 ✗ ✗ ✗ ✗ ✗ 149 150 151 50 Personal bankruptcy 10 Competence check Assign the terms correctly. a) Application b) Opening of the debt settlement procedure c) Asset realization What does the opening of the debt settlement procedure cause? Name at least two points. Interest freeze, publication, blocking of the bank account, no further executions. Specify three points that could indicate a debt trap. No more money at the end of the month; installment payment or payment pause in mail order business; Special payment issued in advance; Fixed costs can no longer be transferred. Name at least three measures to avoid the debt trap. Check income and expenses.What can I do without? Where can I save? Pay close attention to expenses; do not buy anything on installments; save first, invest later; no late payment dates I learned about it! ●● I can correctly assign the individual steps in the private bankruptcy procedure. ➤ 152 ●● I can enumerate the consequences of opening bankruptcy. ➤ 153 ●● I can tell if there is a risk of indebtedness. ➤ 154 ●● I can tell you how to get out of debt. ➤ 155 152 1) Skimming procedure 2) Create a list of assets 3) Block the bank account 4) No further interest payments 5) Submit an opening application 153 154 155 51 Differentiation of tasks Basic tasks - Fundamentum Tasks with this symbol form the basis. These tasks are a little more difficult and may take a little more time. In-depth tasks - Additum These tasks are more demanding and go beyond the basic skills. Sometimes you also need information and aids that are not included in the book. Explanation of symbols Partner work Group work Discussion Research 2 For testing purposes only - property of the publisher öbv

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