The number of consumer bankruptcies opened at the request of debtors since the beginning of this year has doubled in October compared to last year. There are currently 5,024 of them, but the actual needs are estimated at around 50 thousand. As PMR Restrukturyzacje SA experts convince, such dynamics of the growth of bankruptcies is very good news, because thousands of people who until now lived in a debt spiral and in the grey zone, avoiding bailiffs and enforcers, are getting a new chance, returning to work and to a normal life in society. In Germany consumer bankruptcy more than 100,000 people announce their intentions every year.
"Consumer bankruptcy", introduced in Polish law more than seven years ago, at the beginning had very serious limitations and could be applied in extremely rare cases. Since the end of 2014, when the legislator amended the provisions on bankruptcy of natural persons liberalising significantly the prerequisites for its declaration, the situation has significantly improved. Since then, there has been a marked increase in interest in this form of reduction or cancellation of the liabilities of individuals and, according to experts, this is very good news. The first year of the Act's operation in its amended form brought 2112 consumer bankruptcies, of which only 2 were filed in the first month.
As PMR experts say Restructuring SA steady increase in bankruptcy filings consumer orders placed in Poland is a natural, normal and desirable trend. According to estimates restructuring advisers the natural average annual number of consumer bankruptcies in Poland should oscillate around 50 thousand. However, in much wealthier and twice as large Germany number of consumer bankruptcies fluctuates around 100 thousand per year. Considering that our western neighbor is twice as numerous, we can divide this number by half. Additional arguments for a larger number bankruptcy in Poland, for example, the fact that as a society we are poorer than Germany, we have not previously benefited from this type of entitlements, etc.
As predicted by restructuring advisors, we can expect a steady increase in the number of applications for restructuring in Poland in the coming years. consumer bankruptcy, until it reaches a level of around 50,000 per year, when the process will begin to stabilize.
29 November 2016:
" Consumer bankruptcy: bankruptcy filings are on the rise
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