Personal Bankruptcy in Romania versus Other Countries in Europe

摘要

Romania is one of the few European countries that do not have a personal bankruptcy legislation implemented. Though there have been active discussions about this type of legislation that should regularize the debt discharge process when the financial obligations can no longer be fulfilled by the customer, the final decision stated that personal bankruptcy is not a viable alternative at this point. But even so, other solutions are to be found for over-indebted consumers such as repayment plans, debt re-organization (rescheduling/refinancing/decreasing the interest rate, and therefore, the value of the monthly instalment) and grace periods from one to several months for paying the credit instalments etc.This paper is in the form of an overview of the representative literature in this area of interest and it focuses on different political approaches of personal bankruptcy over Europe, insisting on special features for Romania. The general aim of this study is to analyze the impact of personal bankruptcy law among countries where this legislation is available and among those where it is not implemented yet, taking into consideration, both, advantages and disadvantages for the actors involved - over-indebted consumers, banking organizations, the remaining honest paying clients, the economy as a whole and other stakeholders.