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 seeks South Korean cooperation on new nuclear projects, energy minister says

Bulgaria wants to continue investing in nuclear energy after more than 50 years of experience in the sector, Energy Minister Zhecho Stankov said on Wednesday. About 70% of Bulgarians support the move, Stankov told a Bulgarian-Korean energy..

published on 10/30/25 2:04 PM

Swiss Gunvor Group may acquire Lukoil's Burgas-based refinery in package deal with the Russian company

The Russian oil company Lukoil has announced that it has accepted an offer from the Swiss Gunvor Group to acquire the international assets of LUKOIL International GmbH . Lukoil's subsidiary owns all of the group's assets abroad. Lukoil has..

published on 10/30/25 11:40 AM

GERB leader supports resignation of anti-mafia commission chief

MPs elected GERB's Kostadin Angelov as deputy speaker of parliament. 132 MPs voted "for", 53 voted "against" and 11 abstained. Angelov replaces GERB's Raya Nazaryan, who was elected speaker of parliament after previous parliamentary speaker Natalia..

published on 10/30/25 10:30 AM