The Council of Ministers has approved for the first time in Italy a new bill that provides for and regulates the case of individual bankruptcy. This is a provision that promises to be particularly significant for bankrupt or insolvent individuals, who will have the opportunity to avoid “civil death” thanks to a road to accompany the restructuring of their debt.
According to what is reported in the new decree law
The worthy debtor , who has opened a mortgage or a loan in line with his current income, will no longer be a distrained person for life. As Andrea Zoppini, Undersecretary of Justice and father of the measure, explains, “the judge will be able to guide this debtor towards a rational restructuring of his exposition. We certainly do not want to encourage the race for debts. We do not even want a person to lose his right to consumption only because she got sick, divorced, lost her job “.
The decree, puts changes to the law on usury of January 2012 and safeguards the “special” creditors (for example ex-wives who receive food), also does not authorize the cancellation of debts to the State, but only the installment payment. At the end of an articulated journey, once a part of his debts has been paid off, the consumer can benefit from the cancellation of all his debts and “enjoy a second chance”.
Consumer overwhelmed by debts
Among the innovations introduced in the decree law, also called ” family-saving plan “, there is first of all a first rescue system for the consumer overwhelmed by debts, the Composition , thanks to which the person who has difficulty in paying debts would have the right to turn to crisis resolution bodies that will act as free consultants. Thanks to their assistance it will be possible to prepare a restructuring plan for the shortage. To satisfy the demands of the creditors, the debtor will be able to give as a guarantee his own assets (current or future, for example a liquidation). The plan will then be examined by the judge who can approve it and impose it on all creditors. The approval blocks any initiative to the detriment of the debtor.
The decree then provides for a liquidation procedure for those who have many debts, but are in possession of property that could allow them to deal with emergency situations. These properties will be entrusted to a liquidator who can put them up for sale when necessary to satisfy creditors. The path, which presents itself as an alternative possibility to the Composition, provides for the reduction of costs for the debtor and a shortening of time.