Number of personal bankruptcies skyrocketing in Slovakia

Amendment to the law has simplified the procedure.

(Source: Sme)

Recent months have brought a record number of personal bankruptcies in Slovakia, with 2,390 people declaring bankruptcy by the end of August. This is 284 percent more than the figure for the whole of 2016, according to the latest analysis published by the consulting company Bisnode on September 21. While 582 people declared personal bankruptcy in 2014, the figure was 692 a year later and rose by almost 200 to stand at 841 in 2016. Nevertheless, this year is a breakthrough. Bisnode connects the increase to an amendment to the bankruptcy law that came into force this March.

“It largely simplified personal bankruptcies,” said Petra Štěpánová, a Bisnode analyst, as cited in the press release. “We ascribe the enormous growth to this change in particular.”

Changes in bankruptcy legislation were aimed at a substantial decrease in costs related to launching the process.

Read also:Hundreds of people want help with personal bankruptcy

The amendment to the bankruptcy law has been in effect since March 1, 2017. A person can declare personal bankruptcy only once in 10 years. Before the change, those wanting to declare bankruptcy had to own property worth at least €1,650. The amendment has dropped this condition.

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