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Bulgarian citizens now have a regulated right to personal bankruptcy

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.

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