Final Rule: Limitation Period for Debts of Physical Persons Will Be 10 Years in Bulgaria

Society | November 20, 2020, Friday // 15:29| Views: | Comments: 0
Bulgaria: Final Rule: Limitation Period for Debts of Physical Persons Will Be 10 Years in Bulgaria BGNES

 

For the debts of individuals, a 10-year absolute limitation period is introduced, the National Assembly has decided.

This enables an individual who is unable to repay his debts to initiate bankruptcy proceedings or to relieve himself of his debts after the expiry of the period in question.

However, the limitation period will not apply to alimony payments, wages and compensation due under the Labor Code.

The interests of creditors are also sufficiently protected, given the long period within which they can collect their receivables.

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Tags: National Assembly, taxes and debts
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