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Consumer bankruptcy - a chance for a fresh start

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According to data published by the Central Economic Information Centre, 9184 people declared consumer bankruptcy in the first five months of 2024. This is the highest ever number of consumer bankruptcies in the history of the institution.

What do these figures mean and what can we expect?

Increasing number of consumer bankruptcies results primarily from the difficult economic situation of many consumers, who, having no other choice, reach for – as it may seem – last resort measures. The unabated inflation and rising prices The lack of basic necessities means that many people cannot afford their current living expenses and, consequently, also the servicing of their liabilities, which are usually credits or bank loans.

However, the latest data also shows, that consumers are increasingly aware of the debt relief tools at their disposal, including the possibility of opening a consumer insolvency procedure. Thanks to the solutions offered by bankruptcy consumers can count on debt relief to free them from financial problems that could otherwise drag on for years with no guarantee of being freed from ongoing liabilities.

Why consumer bankruptcy?

Institution consumer bankruptcy has existed in Polish law for a long time, However, over the years, subsequent amendments to the bankruptcy law gradually made it easier for consumers to use this solution. An important moment in the history bankruptcy consumer law was March 2020, when the amendment to the bankruptcy law removed the limitation of the premise of possible guilt or gross negligence on the part of the debtor in causing insolvency. It was then that the liberalization of the regulations opened the door for the majority of society, which is clearly visible in the statistics consumer bankruptcies over the last few years.

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Consumer bankruptcy is a complete tool, when it comes to resolving the financial difficulties of many people. First and foremost, the main premise of an individual's (consumer's) bankruptcy is that the individual is put into debt. This means that after the bankruptcy proceedings and possibly a repayment plan, the consumer is completely debased.

It is also worth highlighting the fact, that, unlike the bankruptcy of business entities, the consumer does not have to have sufficient funds to cover the costs bankruptcy proceedings, which in the case of business bankruptcies is a frequent reason for dismissing a bankruptcy application. In the case of individuals, if there are no funds to cover the costs of bankruptcy proceedings, these costs are covered by the State Treasury.

In conclusion, the institution of consumer bankruptcy is a good solution for people in a difficult financial situation who see no possibility of repaying their debts. Thanks to consumer bankruptcy, people who have opted for this form of debt relief get the chance for a new start, a peaceful life without the fear that a bailiff or other enforcement authority will seize their bank account, part of their salary, or otherwise try to enforce enforcement of their assets.

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Daniel Anisimowicz

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