Some 60,000 people are expected to declare their personal insolvency in Bucharest alone each year, according to estimates by the Bucharest Court, cited by local Profit.ro.
The court has asked for more employees arguing that the judges will have to solve some 1.8 million cases of personal insolvency, representing appeals and other procedures related to personal insolvency requests, only in the capital.
The personal insolvency law helps those who cant pay their debts anymore to settle these debts without penalties. It allows good debtors to open the personal insolvency procedure, and reschedule their debts based on a reimbursement plan, which can stretch over five years. At the moment, only companies can go into insolve…
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