Russia Legalizes Personal Bankruptcy
Residents of the greater Chicago area and the United States aren’t the only people who face serious debt problems. Russian authorities are preparing for an avalanche of bankruptcy applications after a new law came into effect in October allowing individuals in Russia to file for personal bankruptcy. Between 400,000 and 500,000 Russian people will be eligible to file for bankruptcy under the new law, the central bank’s deputy chairman, Vasily Pozdyshev, told the Associated Press. “The law gives these people the opportunity to once and for all solve the problem of being persecuted by creditors,” Pozdyshev said.
Luckily, bankruptcy has always been available in the United States – it’s even discussed in the Constitution – so if you are struggling with rising debts in the greater Chicago area, discuss your financial concerns and your legal alternatives right away with an experienced Chicago bankruptcy lawyer. Before Russian President Vladimir Putin signed the new bankruptcy law last year, individual Russian debtors could be pursued non-stop over debts. Imagine having no power to stop those aggravating phone calls from creditors – for the rest of your life! When you file for bankruptcy in Illinois, however, the court immediately issues an “automatic stay” that protects you from creditor phone calls, letters, and lawsuits.
Newly bankrupt Russians are banned from running companies for three years, and they may be prevented by court order from leaving the country during their bankruptcy proceedings. When the new law went into effect on October 1, Russia’s national courts database showed bankruptcy filings were taking place all across the vast country, including the most remote regions of Siberia. If you’re somewhat closer to Chicago, and if you need to learn more about bankruptcy and your other options for debt resolution, help is right here. Speak as quickly as you can with an experienced Chicago bankruptcy lawyer and put yourself on the road to financial freedom starting today.
