New consumer bankruptcy law
A new consumer bankruptcy law is coming into force in Poland today. The Act on Bankruptcy and Reorganization allows consumers to declare bankruptcy if they are unable to pay their debts as a result of circumstances beyond their control.
The law includes a definition of provisions regarding ability to go bankrupt, the basis for declaring bankruptcy, proceedings for declaring bankruptcy and their consequences, as well as provisions relating to trustees and participants of bankruptcy proceedings.
In order to take advantage of the new regulations Poles will have to file for bankruptcy with a court which will establish a five-year payment plan. During that period they will be unable to take apply for loans, use credit cards or buy on credit. They will also be allowed to declare bankruptcy once in ten years.
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