Report: Hungarian personal bankruptcy requests up 10%

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Requests for personal bankruptcy submitted by Hungarian families were up 10% in the past month month with 385 applicants availing of the debt saving option by mid-May, government-friendly newspaper Magyar Idők reported today.

Legislation for personal bankruptcy was introduced on September 1 for Hungarians whose homes could be repossessed. The rules will become universal from October 1, Hungarian news agency MTI reported.

More than 500 borrowers have requested applications for personal bankruptcy since the option was made available, however, the processing of applications is expected to take months, according to the paper.

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