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Nearly 593,000 Russians face bankruptcy

15:59 06/04/2016

MOSCOW, April 6 (RAPSI) – Nearly 593,000 Russian nationals are on the verge of personal bankruptcy representing 1.4% of all people who have loans with open bank accounts, according to the press-release by United Credit Bureau.

“These are the people who have loans exceeding 500,000 rubles on one or several credits and who did not pay any money for such loans”, the statement reads.

A law on personal bankruptcy, under which an individual can be declared bankrupt upon a creditor’s request if the total amount of debt exceeds 500,000 rubles ($7,300) took effect in Russia on October 1.

The law stipulates a three-year deferment for debtors with a stable income. Otherwise, a court will declare the borrower bankrupt and distribute the property among the creditors. Borrowers would be able to file for bankruptcy themselves.

The right to file bankruptcy lawsuits is also given to creditors or authorized agencies, in which case borrowers would be able to say that they cannot honor their obligations irrespective of the debt amount.

The law reaches car, mortgage, and consumer credits. The legislation also touches foreign currency loans.

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Nearly 593,000 Russians face bankruptcy

15:59 06/04/2016 Nearly 593,000 Russian nationals are on the verge of personal bankruptcy representing 1.4% of all people who have loans with open bank accounts.
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