Bankruptcy of individuals

Personal bankruptcy is a procedure that allows you to solve problems with debts and start life with a clean slate. In the Russian Federation, the bankruptcy procedure for individuals is regulated by the Federal Law “On Insolvency (Bankruptcy)”, which came into force on October 1, 2015.

The main purpose of personal bankruptcy is to resolve the financial problems of citizens who cannot independently cope with debts to creditors. The bankruptcy procedure allows you to lose debt and start a new life without financial burdens.

To begin bankruptcy proceedings, an individual must apply to the arbitration court at the place of his residence or stay. The court appoints a temporary administrator, who checks the debtor’s property status and draws up a payment plan to creditors.

It is important to note that personal bankruptcy is not an easy way to get rid of debts. It requires a serious approach and a desire to solve financial problems. However, with the right approach, bankruptcy can be a chance to start over with a clean slate and get rid of the debt burden.

If you are having financial problems and don’t know how to deal with debt, turn to a professional. They will help you understand all the nuances of the bankruptcy procedure for individuals and choose the best way to solve financial problems. After all, it is important to remember that everyone has a chance for a new, long-awaited start without debt.