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Introduction of personal bankruptcy not in sight


The introduction of personal bankruptcy in B&H is not in sight, although this practice has become entrenched in many countries and has helped many over-indebted citizens.

Personal bankruptcy means that debtors receive a certain amount of money, as much as they need for life, while their assets and income are managed by a “guardian”.

The introduction of such practices is advocated by the representatives of the Association for Protection of Guarantors in B&H who state that more than 10.000 citizens are repaying someone else’s loan.

Personal Bankruptcy has existed in western countries for more than 20 years. However, for this law to be passed in B&H other regulations must be harmonized, said the President of the Association for Protection of Guarantors in B&H.

The Chairman of the Banking Department of the Association of Economists of Srpska, Marko Djogo, stated that the introduction of this law has been in consideration for several years.

He added that this law will appear in the next few years, but the question is whether the law is going to benefit or damage the citizens who cannot repay their loans.

Economic analysts believe that personal bankruptcy would be beneficial for those who cannot do anything with their debt. They stress that, even if an official initiative is launched today to introduce this practice in B&H, it would hardly come to life in the foreseeable future.


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