Gov’t proposes new bill to help Poles pay loans

Unable to pay back a loan? A new bill would permit you to eliminate the liability by declaring bankruptcy.
The ruling party Civil Platform wants to amend the current insolvency law and to introduce consumer bankruptcy into the Polish legal system.

Bankruptcy by private individuals could be declared only once.
According to Civil Platform politicians, consumer bankruptcy could be used only by those who become insolvent through no fault of their own. Such situations would include: longstanding disease of the debtor or a member of his family, permanent disablement, non-culpable unemployment or loss of property in accidental events. According to the new proposal, both debtors and creditors could seek a court declaration of bankruptcy.

Interest on debts would continue to accumulate while the bankruptcy application was being considered. And a bankruptcy declaration would not expose the debtor’s property to auction.
“Polish people and Polish families are waiting for this law,” Civil Platform’s Zbigniew Chlebowski said in a press release. “Many Poles have serious financial problems. The bill will have new and positive effects for everyone who fulfills the terms of consumer bankruptcy.”

Civil Platform politicians agree that the bankruptcy proposal is a chance to find a consensus between creditors and debtors who aren’t able to pay back a loan.
“The act is addressed for the honest people, who through no fault of their own are in a difficult economic situation,” Civil Platform’s Thaddeus Aziewicz told the Polish Press Agency. “We want to help the creditors as well. As a consequence of the fact that their debtors are insolvent, they can’t execute their receivables.”

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