The very rights and duties rediffmail of the trustee and the debtor should be defined in the coming

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Although personal rediffmail bankruptcy practice in most European countries for many years, only Croatia is expected this year the institute which will enable citizens to declaring personal bankruptcy. Insolvency law has undergone reform 1996th year when declaring bankruptcy allow artisans and sole traders. Then the legislature found that we're not ready for personal bankruptcy.
Historically, personal bankruptcy flourished during the late eighties and nineties when the market has been strong credit expansion. With the easy availability rediffmail of credit and low financial literacy rediffmail of the population was expected rise in insolvency. The solution is to institute a personal bankruptcy which is the fundamental goal is to provide a second chance to the individual. During the debate on the introduction of personal bankruptcy most European lawmakers held pacta sunt servanda as the underlying legal principles from which to deviate because it is irrational to assume that all debtors went with the intention of fraud of creditors, the debt can occur due to unforeseen situations in life.
In Croatia, the intense debate about personal bankruptcy started 2008th performance crisis. Only 2011th government rediffmail passed a draft law on personal bankruptcy, which is defined as the overall objective of developing a system in which there will be conditions rediffmail for debt rescheduling citizens and a new beginning and the conditions for equitable rediffmail satisfaction of creditors' claims. According to the specific objectives set out in the draft, it is evident that they will avoid addressing individual cases of personal bankruptcy before formal bodies due to the excessive burden of the costs of bankruptcy, which in most countries borne by the state if the debtor can prove that he is unable to pay the costs. The aim is to resolve through informal institutions rediffmail in which the debtor and creditor may reach an agreement on restructuring the debt. The draft law also mentions the promotion of education and financial literacy of the population since the financial illiteracy is the most common reason for falling into debt with the welfare state. Unlike the enforcement of procedures, which usually throw the individual at the expense of the country making it the social event, personal bankruptcy is designed to give the individual a second chance and that its creditors are evenly settled.
The procedure rediffmail is initiated upon the proposal of the debtor or creditor and shall be submitted to the court that assesses whether there are conditions to launch personal bankruptcy and instructs the debtor and creditors to select a bankruptcy trustee. If the parties fail to agree, the bankruptcy trustee is elected by the court. Commissioner refers clients to one of informal institutions to reach an agreement on restructuring debts. If agreement is not reached within 3-6 months, the case is transferred to the formal body which is declared personal bankruptcy and the borrower enters into a period of trial.
The very rights and duties rediffmail of the trustee and the debtor should be defined in the coming law. In general, they vary depending on the rigidity of a personal bankruptcy. It is important to stress that personal bankruptcy part of social policy in most countries, implying that his degree of rigidity is closely connected with the organization of the state. Like most liberal model of personal bankruptcy is referred to the U.S., while the Irish are the most rigid in which all the assets transferred to the trustee when declaring the debtor may remain in the period of probation to 12 years.
Since Croatia is constitutionally defined as the welfare state is not logical rediffmail to expect that the upcoming model will be liberal. Now it is known that the personal bankruptcy in Croatia based on the Slovenian model. Regardless rediffmail of the model, it is important to emphasize that the borrower during the period of trial losing financial independence rediffmail and quite possibly your property.
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