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Consequences and Effectiveness of Legal Regulation of Bankruptcy of an Individual

Gadzhiemenov Tagir Bagavdinovich  (Graduate student, The Federal State-Funded Educational Institution of Higher Education «Financial University under the Government of the Rus-sian Federation»)

The article considers the consequences and effectiveness of legal regulation of bankruptcy of an individual under Russian law. The problems of legal regulation are analyzed against the background of the worsening of the fi-nancial situation of citizens during a downturn, the growth of loan debts to banks and the need for its restructuring. It has been revealed that the current legislation is far from perfect. When having the need for the bankruptcy pro-cedure for 640 thousand individuals, the courts have currently adopted only 4,000 court decisions on declaring citizens bankrupt. More than half of ap-plications of insolvent citizens are rejected by courts because of certain vio-lations of the law. The procedure for consumer bankruptcy in Russia re-mains complicated and expensive. The consequences of bankruptcy are overly regulated and take a lot of time. In this regard, a set of measures is proposed to improve the quality of legal regulation of this legal institution and increase of its effectiveness.

Keywords:bankruptcy, insolvency, Individual, creditor, debtor, the consequences of bankruptcy, debt restructuring, realization of property.
 

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Citation link:
Gadzhiemenov T. B. Consequences and Effectiveness of Legal Regulation of Bankruptcy of an Individual // Современная наука: актуальные проблемы теории и практики. Серия: ЭКОНОМИКА и ПРАВО. -2017. -№12. -С. 114-117
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