Andrei Popescu – A Way Out of the Debt Trap
Personal Bankruptcy – Andrei Popescus
Andrei Popescu is 27 years old and comes from a small village in Romania. Four years ago, he took the big step to Germany with his wife and their young daughter. They had big dreams, wanted to build a new life and offer their daughter a better future. Since their arrival, the family has lived in a small two-room apartment in Stuttgart, for which they pay €750 in rent. The apartment may be small, but it gives them a feeling of security and hope for a better life.
Difficult financial circumstances
Andrei quickly found work as a subcontractor for a shipping company. The work was hard and physically demanding, but he was happy to have been given a chance. But he soon realized that the money was barely enough to make ends meet. Not only did he have to support his family, but he also had to cover the costs of his car and insurance himself - things that were much cheaper in his home country.
The mountain of debt is growing
Over time, the financial burden increased. Bills piled up and Andrei felt increasingly overwhelmed. To cope with the situation, he took out a loan of €7,500 at 13% interest. He also had to make installment payments for a washing machine, a television, a PlayStation 5 and two iPhones, which he bought for his family. But the monthly installments put more and more pressure on his already tight budget.
The debt trap is closing in
It didn't take long for Andrei to realize that he was losing control of his finances. Despite working hard, his salary was not enough to pay off the debts. The bailiff eventually showed up at his door, but there was nothing of value that could be sold. Andrei had to make a sworn statement that he no longer had anything. The humiliation and despair were great.
Help from the SIC debt counseling service
In his greatest distress, Andrei turned to the SIC Debtor Insolvency Center in Echterdingen. There he met Mr. Seelig , who immediately recognized that Andrei saw no way out. With professional support, an application for personal insolvency was filed. Andrei felt relieved for the first time in a long time, as the court and administrative costs were deferred.
New hope through personal bankruptcy
Thanks to the bankruptcy proceedings, Andrei is now allowed to earn between €2,670 and €2,679.99 per month without having to pay anything back to his creditors. This relief brought him and his family much-needed stability. They are allowed to stay in their home, and Andrei was even able to keep his job, as the bankruptcy had no negative impact on his employment.
A debt-free future
The future finally looks hopeful again. In three years, Andrei will be debt-free. During this time, he has learned important lessons about financial responsibility and now knows how to manage money better in the future. His daughter will grow up in a stable, loving environment, and Andrei and his wife can offer her the life they so desired when they arrived in Germany.
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