Final Rule: Limitation Period for Debts of Physical Persons Will Be 10 Years in Bulgaria
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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Stringent Anti-Epidemic Measures in Force till 21 December! Gyms Shut down but Football Matches Allowed
- » Top Cardiologist: Immune Defenses Against COVID-19 Are Synthesized in Sleep, Psyche and Immunity
- » Bulgarian Church Honors St. Kliment Ochridski Today
- » COVID-19 in Bulgaria: 4382 Registered Cases, 1876 Cured
- » Bulgaria Tops Mortality Rate Ranking, GPs Join Battle with Pandemic
- » European Commission Will Approve Vaccine Contract with Moderna Inc. Tomorrow