20 janvier 2025|
AI
|11 months agoSwitzerland Introduces Personal Bankruptcy Law Reform
Federal Council unveils new legal procedure allowing individuals to escape insurmountable debt, marking significant change in Swiss bankruptcy law
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Generated IllustrationKey Takeaways
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- Switzerland previously had no legal mechanism for individuals to escape insurmountable debt
- The Federal Council has introduced a new legal procedure for debt relief
- The new system requires a 3-year payment plan before debt writeoff
- Approximately 6% of Swiss population has defaulted on debt
By The Numbers
2,000-10,000
Expected annual beneficiaries of new bankruptcy law
6%
Swiss population with debt defaults
3 years
Duration of debt repayment plan
They Said
"He estimates 2,000 to 10,000 people could benefit from the new rules every year"