Andreeva, Emilia --- "BULGARIA" [2019] ELECD 1196; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 190

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 5

Section Title: BULGARIA

Author(s): Andreeva, Emilia

Number of pages: 8

Abstract/Description:

Currently, Bulgaria is among the few democratic countries where personal insolvency is not regulated. One major obstacle for the adoption of a new law could be the lack of a working Credit Register. So far, such a system of information is absent. Consequently, there is a risk of abuse of the right of personal bankruptcy. Recently, the necessity of adoption of the Law on the Protection of Individuals from Over-Indebtedness has been recognized in Bulgaria. Such a Bill has been already introduced in the Bulgarian Parliament. The Bill is new to contemporary legislation and the goal is to terminate the state of over-indebtedness of individuals, allowing them to get a second chance. If the lawmaker adopts it in its current version, then Bulgarian law will be one of the most liberal vis-à-vis debtors.