Text size

Bulgarian citizens now have a regulated right to personal bankruptcy

published on 6/20/25 9:26 AM

Photo: BTA

The Bulgarian Parliament has adopted the Personal Bankruptcy Act, which is an EU requirement for the second payment under the Recovery and Resilience Plan to be implemented.

The texts provide that a debtor who fails to service his/her obligation, which is in the amount of more than 10 minimum wages, for 12 months will have the right to request a personal bankruptcy procedure from the district court. To take advantage of the opportunity, the debtor “must be in good faith - not have any obligations to the state and the tax authorities, nor to have undermined the financial interests of his creditor,” BTA reports.

“These people will be able to seek protection and support within the framework of bankruptcy proceedings,” explained Justice Minister Georgi Georgiev.

This is not a credit amnesty, but gives the debtor a one-time opportunity to start over after going through bankruptcy proceedings, the minister pointed out.

Последвайте ни и в Google News Showcase, за да научите най-важното от деня!

Radio Bulgaria News personal bankruptcy Recovery and Resilience Plan right to personal bankruptcy

More from category

Bulgaria's accession to the euro area was given the green light by ECOFIN

The ministers of economy and finance of the EU member states unanimously backed the Eurogroup's recommendation that Bulgaria should join the euro area on 1 January 2026, Polish Finance Minister Andrzej Domański announced, as reported by BNR correspondent..

published on 6/20/25 5:38 PM

New law regulates the crypto-asset market in Bulgaria

The parliament has adopted the Crypto-Asset Markets Act on second reading. It regulates trading in this type of instrument according to European regulations, reporter Maria Fileva informed. The law gives the Financial Supervision..

published on 6/20/25 4:28 PM

Executive Director of Maritsa East 2 Thermal Power Plant EAD Diyan Dimitrov (left) and Minister of Energy Zhecho Stankov at a briefing at the company's headquarters, June 20, 2025.

Maritsa East 2 TPP to provide 50% of the electricity for households

The Maritsa East TPP complex will supply 50% of the energy for household consumers in Bulgaria. This was made clear at a briefing of Energy Minister Zhecho Stankov in Maritsa East 2 TPP, BTA has reported. The minister..

published on 6/20/25 3:40 PM