The Bulgarian Government approved a Draft Law on Personal Bankruptcy

Business » FINANCE | November 2, 2022, Wednesday // 16:43
Bulgaria: The Bulgarian Government approved a Draft Law on Personal Bankruptcy @Pixabay

The caretaker cabinet approved the draft law on the bankruptcy of natural persons, known as the "personal bankruptcy law", announced the Minister of Justice Krum Zarkov.

The texts enable bona fide debtors to free themselves from obligations beyond their control. Within the proceedings, the court has the right to determine a monthly allowance, not less than the minimum wage, so that the debtor and their family can meet their living needs, explained Zarkov.

"This law comes in to help people in temporary trouble get a second chance, to get them out of a spiral where the harder they try, the deeper they sink into the goodness of their debts."

Zarkov expressed hope that the bill will be approved by the parliament by the end of the year.

Follow on Twitter and Facebook

Write to us at

Информирайте се на Български -


We need your support so can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Law, bankruptcy, personal, zarkov

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria