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In Bulgaria, one cannot go bankrupt. Why is this a problem?

January 18, 2024

Bulgaria is one of the few European countries that do not have effective legislation regulating so-called “personal bankruptcy”, as well as a mechanism for restructuring the obligations of people who are unable to cover them.

At the same time, the European Union adopted a new credit directive that obliges member countries to provide free debt counseling services. It will enter into force in 2025 or at the latest in 2026, with sanctions for non-fulfilment.

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