Having debts to banks, microfinance organizations (MFOs), or other creditors does not automatically mean that a citizen can declare bankruptcy.
Bankruptcy legislation establishes clear requirements, and before submitting an application, it is necessary to check whether the relevant criteria are met.
The State Revenue Department for Almaty explains that bankruptcy is not the only way to resolve debt problems. For citizens who have a stable income and are able to repay their debts gradually, a solvency restoration procedure is available.
The legislation of the Republic of Kazakhstan provides for three procedures:
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out-of-court bankruptcy;
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judicial bankruptcy;
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restoration of solvency.
Out-of-Court Bankruptcy
This procedure applies to…