28. Januar 2025|
AI
|10 months agoSwitzerland Introduces Personal Bankruptcy Option in Legal Reform
Federal Council unveils new legal procedure allowing heavily indebted individuals a path to debt relief, marking a significant change in Swiss bankruptcy law.
AI
Generated IllustrationKey Takeaways
AI
- The Federal Council has introduced a new legal procedure allowing personal bankruptcy and debt relief.
- Under the new system, debtors must submit a strict budget and use excess earnings to repay debts for three years.
- Remaining debts will be written off after the three-year repayment period.
By The Numbers
6%
of the Swiss population
2,000 to 10,000
people annually
3 years
repayment duration
They Said
"Helping those trapped in debt to reboot their lives may have a positive impact on public finances as well as offering them a fresh start."
"Under the new system there is a chance some of these lenders might at least get some money back."