Consumer Bankruptcy in Europe: Different Paths for Debtors and Creditors
EUI Working Papers LAW No. 2011/09
108 Pages Posted: 3 Nov 2011
Date Written: August 1, 2011
The economic crisis has fueled the debate on regulated state insolvencies. And while debt relief is being considered for nations, in some European countries consumers live their whole lives in debt as there is no consumer bankruptcy process which provides for an exemption from residual debt. There are thus no uniform regulations on how private individuals can make a clean financial start in Europe and debtors and creditors have different roads to take. The standard moral debate on consumer bankruptcy proceedings ranges between two extremes, i.e. from attaching individual blame for debt to expropriation of creditors.
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