Text size

Bulgarian citizens now have a regulated right to personal bankruptcy

published on 6/20/25 9:26 AM

Photo: BTA

The Bulgarian Parliament has adopted the Personal Bankruptcy Act, which is an EU requirement for the second payment under the Recovery and Resilience Plan to be implemented.

The texts provide that a debtor who fails to service his/her obligation, which is in the amount of more than 10 minimum wages, for 12 months will have the right to request a personal bankruptcy procedure from the district court. To take advantage of the opportunity, the debtor “must be in good faith - not have any obligations to the state and the tax authorities, nor to have undermined the financial interests of his creditor,” BTA reports.

“These people will be able to seek protection and support within the framework of bankruptcy proceedings,” explained Justice Minister Georgi Georgiev.

This is not a credit amnesty, but gives the debtor a one-time opportunity to start over after going through bankruptcy proceedings, the minister pointed out.

Последвайте ни и в Google News Showcase, за да научите най-важното от деня!

Radio Bulgaria News personal bankruptcy Recovery and Resilience Plan right to personal bankruptcy

More from category

122 years since the outbreak of the Ilinden-Preobrazhenie uprising

The 122 nd anniversary of the outbreak of the Ilinden-Preobrazhenie uprising will be marked on 2 August in the locality Predela with a flower and wreath laying ritual at the monument Ilinden. Razlog municipality has announced that the ritual will..

published on 8/2/25 7:05 AM

The Union of Thracian Societies commemorates the Ilinden–Preobrazhenie Uprising

In the village of Slaveyno near Smolyan, the Union of Thracian Societies in Bulgaria is organizing a National Gathering-Pilgrimage on August 2 and 3. The festival is dedicated to the 122nd anniversary of the Ilinden–Preobrazhenie Uprising and the 145th..

published on 8/2/25 5:35 AM

Temperatures begin to rise over the weekend

On Saturday minimum temperatures will range between 15 and 23° C., for Sofia 15° C. During the day the weather will be predominantly sunny, cumulus clouds will form around and after midday. There will be rain and thunder mostly in the mountain..

published on 8/1/25 6:35 PM

WEATHER

Pick city: Sofía

sunshine, cloud, rain and thunder
Min: 17 | Max: 28

BULGARIA IN PICTURES

Which world-famous Bulgarian artist designed QSL cards for Radio Bulgaria?

122 years since the outbreak of the Ilinden-Preobrazhenie uprising

The 122 nd anniversary of the outbreak of the Ilinden-Preobrazhenie uprising will be marked on 2 August in the locality Predela with a flower and..

published on 8/2/25 7:05 AM

The Union of Thracian Societies commemorates the Ilinden–Preobrazhenie Uprising

In the village of Slaveyno near Smolyan, the Union of Thracian Societies in Bulgaria is organizing a National Gathering-Pilgrimage on August 2 and 3. The..

published on 8/2/25 5:35 AM

Share

Bulgarian citizens now have a regulated right to personal bankruptcy

More from category

122 years since the outbreak of the Ilinden-Preobrazhenie uprising

The Union of Thracian Societies commemorates the Ilinden–Preobrazhenie Uprising

Temperatures begin to rise over the weekend

122 years since the outbreak of the Ilinden-Preobrazhenie uprising

The Union of Thracian Societies commemorates the Ilinden–Preobrazhenie Uprising