Debt collection in Bulgaria
Last Updated on October 21, 2023 by Bulgarian attorney
With a team of skilled lawyers experienced in debt collection, we specialize in retrieving contractually owed debts from both registered entities and individuals residing in Bulgaria. Our debt collection activities are conducted in full legal compliance, and we proudly maintain an impressive recovery rate ranging between 80-90%.
Our focus lies in collecting debts incurred by Bulgarian nationals in other European Union member countries. If you’re facing difficulties receiving payments from a client and are unable to reach them, our team can visit the debtor’s residential address in Bulgaria and negotiate a mutually beneficial repayment plan.
Our firm’s services are specifically tailored for financial institutions, such as banks, financial service providers, telecommunication companies, and government agencies seeking to sell their debts and stabilize their financial status. Additionally, we can also purchase existing debts from these institutions.
Legal steps for debt collection in Bulgaria
The debt collection process in Bulgaria contains a few steps, starting with simple procedures and ending, if necessary, with legal procedures. Regardless of the manner in which the debtor is approached, the persons or companies conducting the debt collection process need to have complete access to all the necessary documentation related to the debtor:
– the debtor’s identification details.
The first step is to contact the debtor and inform him of the payments that need to be made. If the debtor does not pay voluntarily, the next step is to send an official letter. The debtor has approximately ten days to respond to the request for payment.
If the debtor agrees to pay, the parties will then agree upon a payment scheme, establish the installments and a certain period of time during which the debt must be paid in full. These pre-legal procedures take place in order to avoid the more complicated debt recovery through legal actions.
If the debtor does not respond to the pre-legal debt recovery procedures, the final option is to take legal actions. This process usually has two phases: a non-litigation phase and a litigation phase, when a petition if filed to the authorised Bulgarian court.
Our Bulgarian lawyers can provide complete details about litigation in Bulgaria. Please contact us for more information.
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