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Personal bankruptcy

On July 1, 2015 Federal Law of 29.12.2014 N 476-FZ “On amendments to Federal Law “About insolvency (bankruptcy)” and certain legislative enactments of the RF regarding regulation of rehabilitation procedures used relative to a citizen-debtor”.

Condition of initiation of bankruptcy case before court consists of a citizen’s indebtedness amounting to 500 thousand rubles at least and impossibility to satisfy creditors’ demands.

Bankruptcy cases of citizens who are not individual entrepreneurs are heard by general jurisdiction court at the citizen’s domicile.

The court in charge of a citizen’s bankruptcy can impose the following bankruptcy procedures: debt restructuring, realization of a citizen’s property, voluntary settlement.

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