Russia Gets First Wave of Personal Bankruptcy Filings

personal bankruptcyA new law that allows individual Russian citizens to file personal bankruptcy took effect this week resulting in a wave of filings in courts throughout the country. According to the Associated Press, nearly half a million citizens are now eligible to file for personal bankruptcy under the law’s provisions. Prior to this week, only legal entities were permitted to file bankruptcy, which left individuals without any legal means of debt relief. Based on reports from Russia’s central bank, individuals in the country were at least three months behind on payments to creditors totaling 1.09 trillion rubles–the equivalent of 16.07 billion U.S. dollars.

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Image Source: Nikolas Titkov