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The press said that as many as one in six self-employed workers fears going bankrupt due to the corona crisis. If you are also not comfortable with it, can you still protect your private family home against possible creditors now? How do you arrange that and what are a number of points of attention?
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Risk with a sole proprietorship. If you do not work through a company, unfortunately, your private assets are not segregated and, in other words, you are responsible for all the debts you incur, including your professional debts.
A “worst-case scenario”. Should you then go bankrupt as a self-employed person, the trustee will be able to monetize all your properties to pay your creditors. In the worst case, you can therefore also lose your home...
The type of company matters! If you work through a company, your private assets are segregated if you work through a BV (BA) or NV, but not if, for example, you have a VOF or an old CommV. In that case, professional creditors can not only seize your CommV's machines and stocks, but — if necessary — also your private assets, including your home.
Through a notarial deed. If you want to secure your family home from creditors for as long as you live, you must file a so-called declaration of unseizability with your notary. To do this, he draws up a notarial deed that he then has registered at the competent legal security office (the former mortgage office).
For such a declaration of unseizability, you must take into account a cost of around €1,500.
Tip: A self-employed person in a secondary occupation can also make that statement.
Attention! However, your property is not protected by it.
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