Bankruptcy of Individuals in the Czech Republic

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F29142890%3A_____%2F15%3A%230000169" target="_blank" >RIV/29142890:_____/15:#0000169 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Bankruptcy of Individuals in the Czech Republic
Original language description
Personal bankruptcy ? debt relief is a legal process, thanks to which especially individuals are being given the opportunity to resolve their complicated financial situation. These individuals have debts toward multiple creditors are not able to repay all of it. The legal process in the Czech Republic enables to solve the insolvency of an individual via declaration of the personal bankruptcy. Essential conditions to be able to declare personal bankruptcy are to have more than one creditor and to be ableto repay at least 30% of the debt, meaning 30% of the overall amount of debts toward signed creditors. In case the personal bankruptcy is resolved through a repayment plan, the maximum amount of instalments is 60. In the time period of 60 months at mostlives the debtor on the level of the living wage in the Czech Republic. The amount of income that exceeds this living wage is used to repay the debts.
Czech name
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Czech description
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Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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