The personal bankruptcy law is now in Parliament

Practically speaking, the law would allow Romanians who can no longer pay their bank installments, due to the economic downturn, to benefit from legal protection. Lenders will not be able to apply debt enforcement procedures, and debts will be rescheduled over several years.

“Regulating the insolvency of individuals is absolutely necessary. Although bankers do not approve, overly indebted individuals have no protection. Romania is forced, in compliance with European directives, to regulate personal bankruptcy,” Piperea said.

Romania and Bulgaria are the only countries in the European Union that have not regulated the insolvency of individuals, according to Piperea. Romanian has an insolvency law, but this is applicable only to companies.

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