Switzerland introduces groundbreaking personal bankruptcy law

Federal Council unveils new legal procedure offering heavily indebted individuals path to financial recovery

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Switzerland has introduced a new personal bankruptcy law allowing individuals to escape debt traps
The new process requires a 3-year payment plan before debt forgiveness
Currently, Swiss law does not allow individuals to legally escape their debts

6%

Population with defaulted debt

2,000-10,000

Expected annual beneficiaries

"He estimates 2,000 to 10,000 people could benefit from the new rules every year"
— Beat Jans, Federal Councillor

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Switzerland's Historic Move Towards Personal Bankruptcy

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