What is required for bankruptcy of an individual?

Proceedings in the case of insolvency of a debtor - a natural person or a natural person - an entrepreneur can be opened only at the request of the debtor. None of the creditors, including banks and business representatives, have the right to apply for bankruptcy of an individual.

The debtor has the right to apply to the commercial court with an application to open insolvency proceedings if:

• the debtor stopped repaying loans or making other scheduled payments in the amount of more than 50% of monthly payments;

• there are other circumstances that confirm the impossibility of fulfilling monetary obligations or making regular current payments.

After the bankruptcy procedure is initiated, the amount of the individual's debt is fixed, and the accrual of interest and fines is stopped.