7,000 people might apply for insolvency in Sverdlovsk Region

May 22, 2015. There are currently about 7,000 people living in Sverdlovsk Region whose debts amount to more than 500,000 RUR, Nikolai Sergeyev of Federal Tax Service’s Sverdlovsk Region division said at the local Public Chamber meeting.

‘The figures were provided by court officers. Some of these people might apply for personal bankruptcy in order to get rid of some of their debts. I believe the personal bankruptcy law per se is imperfect. It is a complicated, costly, and cumbersome procedure,’ Sergeyev said.

The personal bankruptcy law comes into effect in Russia on July 1 and will allow citizens whose debts exceed 500,000 RUR declare themselves insolvent officially in court.

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