NEW MECHANISM OF SETTLING PROBLEMS OF RUSSIAN INDIVIDUALS' DEBTS THROUGH BANKRUPTCY PROCEDURES

Abstract

The article discloses new possibilities to settle problems with debts of individuals in Russia as a result of adopting the long-expected law about individuals' bankruptcy. The authors describe in detail the requirements which must be met to consider cases of individuals' bankruptcy (not individual entrepreneurs) in arbitration courts and explain basic stages of the procedure of individuals' bankruptcy, as well as restrictions for an individual in case bankruptcy is admitted. Special attention is paid to challenges that will face individuals-debtors and their creditors after adoption of the new mechanism of settling problems with debts. On the basis of the conducted research the authors put forward the proposals aimed at increasing the efficiency of the new mechanism of settling problems with individuals' debts.

Keywords

• individuals' bankruptcy
• forced bankruptcy
• voluntary bankruptcy
• bankruptcy stages
• amicable agreement
• debt restructuring
• selling property of individual
• finance manager