Czech Creditor Satisfaction with Debt Relief Under the Insolvency Act of 2008

摘要

The aim of our survey is to determine creditors' satisfaction with debt relief. Czech household debt has been increasing since 2000, (Osvaldova, Mores, Mensikova, Creditreform, 2013) the result of a broadening supply of credit from the financial sector, an increasing standard of living connected with housing debt financing, and the general tendency of Czechs to prioritize a consumer lifestyle over savings. The absence of reasonable financial planning in combination with the recent economic crisis has trapped many debtors in a debt spiral.