Out-of-court bankruptcy for individuals. Pros and cons of the procedure
Extrajudicial bankruptcy of citizens is a free procedure for the debtor, the result of which will be the recognition of debts as uncollectible. The absence of a fee is due to the fact that a decision was made not to outsource this procedure to an arbitration manager and a notary. This procedure is handled by the MFC, where the citizen needs to apply.
Andrey Matveenko
Junior lawyer
GRATA International St. Petersburg
AMatveenko@gratanet.com