21. Januar 2025|
AI
|11 months agoSwitzerland introduces groundbreaking personal bankruptcy law
Federal Council unveils new legal procedure offering heavily indebted individuals path to financial recovery
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Generated IllustrationKey Takeaways
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- Switzerland has introduced a new personal bankruptcy law allowing individuals to escape debt traps
- The new process requires a 3-year payment plan before debt forgiveness
- Currently, Swiss law does not allow individuals to legally escape their debts
By The Numbers
6%
Population with defaulted debt
2,000-10,000
Expected annual beneficiaries
They Said
"He estimates 2,000 to 10,000 people could benefit from the new rules every year"