Illustrative photo: fantasista / FreeDigitalPhotos.net
CRIF analyst Vra Kamenkov told the Czech News Agency that the
number of personal bankruptcy petitions is increasing due to the amendment
of the Insolvency Act, which came into force in early June and allows for a
wider group of people to qualify.
The amended law aims to make the debt relief process easier. People can now
either repay at least 60 percent of their debt to creditors in three years,
or make up at least 30 percent of the amount due in five years. If it were
less than 30 percent, the court would decide. Some softer conditions apply
to seniors.
Some 114,000 people in the Czech Republic filed for personal bankruptcy
last year, according to a map focused on the issue, …
Read the full article at: https://www.radio.cz/en/section/business/crif-number-of-personal-bankruptcies-in-june-drops-overall-rise-anticipated