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Personal bankruptcy application may be simplified

The process of filing for personal bankruptcy may be simplified, Péter Harrach, the head of the parliamentary group of the Christian Democratic Peopleʼs Party (KDNP), a member of the governing coalition, said today on state-owned all-news channel M1.

The application form, which now requires a number of notarized data, could be modified in the autumn or winter, Harrach said, according to Hungarian news agency MTI.

Personal bankruptcy rules came into force from September 1, 2015, for Hungarians whose homes could be repossessed. The rules became universal from October 1, 2016.

So far, 518 applications for personal bankruptcy have been filed.