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Individuals · Recovery

Personal insolvency

Legal protection for good-faith debtors: enforcement stopped, a realistic plan for returning to financial balance.

Personal insolvency is governed by Romanian Law 151/2015 and gives over-indebted individuals a legal way to restructure or eliminate their debts. It is intended for good-faith debtors who can no longer meet their financial obligations.

The procedure can follow two paths: the repayment plan (over a maximum of 5 years, keeping essential assets) or the asset liquidation procedure (followed by discharge of the remaining debts). At the end, the debtor is released from the debts that could not be covered.

Immediate benefits from the moment the procedure opens: suspension of forced executions, freezing of interest and penalties, protection from creditor harassment. We assist end to end: preparing the file, representation before the insolvency commission, negotiating with creditors and implementing the plan.

Why this procedure
  • Immediate suspension of forced executions
  • Discharge of debts remaining after the plan is carried out
  • Complete legal protection from creditors
  • A clear, documented road to a fresh start
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Frequently asked questions
What conditions must I meet for personal insolvency?
Under Romanian Law 151/2015: total debts of at least 15 national minimum wages, good faith (the debts must not stem from bad faith or fraud), no conviction for economic offenses in the past 5 years, and domicile or residence in Romania for at least 6 months.
Will I lose my home if I enter personal insolvency?
Not necessarily. The family home enjoys special protection in the procedure. The repayment plan can provide for keeping the home under conditions approved by the insolvency commission, usually by continuing to pay the related installments.
How long does the procedure take and what happens to the remaining debts?
The repayment plan runs between 3 and 5 years; the asset liquidation procedure is usually shorter. Upon completing the procedure in good faith, the debtor can be discharged of the residual debts — a real financial fresh start.