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The government approves draft law on personal bankruptcy

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The Bulgarian cabinet has approved a draft law on the bankruptcy of persons, known as the "Personal Bankruptcy Law", announced the Minister of Justice Krum Zarkov. The texts enable bona fide debtors to free themselves from obligations beyond their control. The court has the right to determine a monthly alimony, not less than the minimum wage, so that the debtor and his family can meet their living needs. 

"This law comes to help people who have fallen into temporary difficulties to get a second chance, to get them out of a spiral in which the more they try, the more they sink into the mire of their debts," said Zarkov. To enter into force, the bill must also be approved by the parliament.

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