A draft law on personal bankruptcy, started by PD-L senatorIulian Urban together with other party colleagues last autumn,comes to regulate a sensitive field, that of foreclosures of loandefaulters at a time when tensions are high between debtors andbankers.
Over 10% of individual clients are currently late with theirloan repayments, with the number of foreclosures initiated by banksnow in the range of a few hundred per month.
At present, banks can largely foreclose on any asset and on anyincome earned by the debtor over an unlimited period of time inorder to fully recover the debt, although this is not explicitlystipulated in credit contracts. The draft law, a 14-page document,provides for the creation of insolvency and bankruptcy proceedingsfor individuals, similar to those that companies are subjected to,whereby the debtor will benefit from a certain degree of protectionand even from partial debt erasure, if their assets are not enoughto cover the debt.
The draft law on personal bankruptcy, which allows individualsto file for insolvency if they are overindebted and cannot findtheir way out, was passed by the Senate with 72 votes in favour andonly 3 against and now awaits a vote from the Chamber of Deputies,the final decision maker.
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