Debts of a Bankrupt Citizen

From 1 October 2015 there is the possibility of bankruptcy of citizens. Such provisions are included in bankruptcy Law is Federal law 26.06.2015 N 154-FZ. The Plenum of VS of the Russian Federation in the Resolution from 13.10.2015 N 45 explained how to use them. The provisions on the bankruptcy of individuals apply to individual entrepreneurs, but given the number of features. For example, the bankrupt businessman may not for five years to do business, and its property sold as the property of a legal entity. It should be recalled that the concept of bankruptcy is defined in article 2 of the Federal law "On bankruptcy (insolvency)" as recognized by the arbitral Tribunal debtor's inability to fully satisfy the claims of creditors on monetary obligations, termination benefits and (or) about payment of labor of persons employed or working under an employment contract, and (or) to fulfill the obligation on payment of obligatory payments. To try to bankrupt a citizen can bankruptcy creditors and authorised bodies (e.g. the NRF), as well as himself. To competitive creditors are creditors of most financial obligations, not only organizations, but also citizens, including individual entrepreneurs. In some cases the citizen himself can not, but must bankrupt. Some debtors bankruptcy will help get rid of debt, and creditors to return the money through the sale of property of the citizen. However, creditors may face several difficulties: 1) appearance time and cost; 2) the lack and insufficiency of the property of a citizen to pay all the debts; 3) exemption of citizens from debt in case of a recognition its bankrupt.
But bankruptcy can also bring the benefit of creditors: 1) costs of debt are reduced; 2) the Bank may declare the debt uncollectible, if the citizen is declared bankrupt; 3) the bankruptcy of a citizen gives you the chance to regain at least part of the money.
The law on bankruptcy of individuals was discussed for a long period of time and caused a lot of controversy. In 2008, Russians took out loans to buy a wide variety of things. The global financial crisis has made debt obligations on loans difficult for most Russians. On the one hand, the new law will allow people who find themselves in a difficult life situation to cope with large debts, on the other - this may lead to financial unavailability and large losses for creditors.

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