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Hungary could introduce ‘family bankruptcy protection’

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Hungary’s Christian Democrat Party (KDNP), which is in coalition with the ruling Fidesz party, is planning to submit a bill to Parliament this week that would protect families with debts from bankruptcy, Hungarian daily Napi Gazdaság said today.

In the first round, people with mortgages would be eligible to apply for the scheme, which Bence Rétvári of KDNP referred to as “family bankruptcy protection”. Rétvári noted that the assistance would only be available to those who apply.

A court decision would determine how an individual distributes their income for paying their debts, and if the borrower acts according to the ruling for five years, they could become exempt from a portion of their debt. The daily, however, did not disclose any further details.

Rétvári expects the proposed bill to be approved by the end this spring.

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