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The Personal Bankruptcy Law is the second step in eliminating the perpetual debtor. Last year, the IMRO also proposed a 10-year absolute statute of limitations for individuals’ obligations, which was adopted at first reading.
For 5 years the processing and accrual of interest is stopped
Insolvent, unsecured loan debtors in order to seek protection in court. This is provided by a bill on the protection of individuals in the event of insolvency, which the United Patriots submitted to the office of parliament on Thursday.
The new law aims to eliminate the figure of the so-called eternal debtor. The protection of the court may seek all payers in good faith when
Then
at 3 months
They couldn’t
pay one or
more effective
obligations
of a total value of not less than 5 minimum wages.
Those who have one or more liabilities for a total amount of up to 200 thousand BGN and present to their creditors for the satisfaction of their claims all their assets and future income for 5 years, except non-seizable items and income, will also be protected.
The court may put under protection and stranded with a debt of more than 200 thousand BGN, when
non-payment
the skill is
happened in
objective reasons
and the interests of your creditors determine your protection, the project provides.
For this purpose, debtors must make a request for protection to the District Court of their current address, to which they must attach a declaration of the property they own and its tax value, cash and bank accounts, shares in companies, income from the last 3 years. ., information on creditors, etc.
Debtors will have the right to
free legal
help,
they will not owe state fees on the proceedings. However, if they prove unscrupulous, they will pay all the expenses incurred.
Whoever has requested a legal procedure must register in a registry at the Registry Agency. The court must issue a decision on the defense request within 1 month. If approved, all proceedings against the debtor and the accrual of interest and penalties will be suspended.
Judicial protection will be granted for five years, during which time the debtor must deposit in a specially opened account all the income received on the non-kidnappable (the minimum amount protected by law, which cannot be seized). If, after the expiration of the 5-year defense by the court, the debts have still not been paid in full, the balance will be forgiven.
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