The prescription of debts in Peru is presented as a useful mechanism for a large number of debtorssince it gives them certainty about their rights and gives them peace of mind when establishing the moment in which a tax obligation ceases to be enforceable due to various non -compliance factors.
This process sets a temporary limit that allows debtors to evaluate their financial situation and make decisions based on it. Next, we tell you the deadlines of PRESCRIPTION OF DEBTthe implications that arise once this period has concluded and the types of goods that can be susceptible to embargo.
How many years should the bank debts prescribe in Peru?
In Peru, the Civil Code establishes that a bank debt prescribes after ten years. This period is of the utmost importance, since once elapsed, the creditor loses the right to demand payment through legal actions. Consequently, the debtor may not be sued in the courts for that specific obligation.
What happens after debts with the bank prescribed in Peru?
Once the ten years have passed without the creditor starting a judicial process, the debtor can require the prescription of the debt before a court. If this request is accepted, the debt will be legally extinguished, which releases the debtor from the payment obligation.
However, despite the debt extinctionthis will remain in force in the debtor’s credit history, which can affect its financial qualification for several more years. It is important to keep in mind that the prescription of the debt is a right that attends the debtor after a certain period of inactivity by the creditor.
Can the bank seize my salary if I have debts?
Current legislation determines that three entities are authorized to retain a part of workers’ salary income. First, the National Superintendence of Tax Administration (Sunat) You can request the deduction of a percentage of the salary in case of tax debts or administrative fines not paid.
This entity has the power to instruct employers so that retain up to 30% of the salary until the debt is completely resulted.
Second, pension fund managers (AFP) They are enabled to manage the collection of debts related to the pension system. This procedure requires a judicial resolution that specifies the amounts to be retained and other relevant aspects of the case.
Finally, financial institutions, such as banks, can carry out embargoes on wages if financial obligations are breached, such as loan payments or credit cards. However, this type of embargo only applies when the worker’s monthly salary exceeds S/2,575, equivalent to 5 procedural reference units (URP).
Goods that can be seized for having debts in Peru
He Civil code Peruvian clearly establishes the provisions on seizures. First, it is mentioned that the goods that can be seized are those that are not part of the family heritage. It is important to keep in mind that it is only allowed to seize up to two thirds of the family heritage, so it respects a limit established by law.
In addition, it is indicated that vehicles, machinery and tools that are not considered indispensable for the direct exercise of the profession of the profession of the profession of the profession of debtor. This specification is relevant to determine which assets can be subject to embargo in case of a debt.
Likewise, it is established that remuneration and pensions that exceed the five procedural reference units (URP) can also be seized. This measure seeks to regulate the revenue embargo that exceed a certain limit, which protects the economic rights of debtors.
What is the Civil Code in Peru?
The Civil Code in Peru is a set of legal norms and principles that regulate civil relations between people, in issues such as property, contracts, family, inheritances, civil liability, among others. This Code establishes the rights and obligations of individuals in their daily interactions and is essential for the functioning of the country’s legal system. In addition, it aims to provide a clear and ordered legal framework for the resolution of private conflicts and the protection of people’s rights. Throughout its history, it has been modified on several occasions to adapt to the social, economic and cultural changes of the country.
Source: Larepublica
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