January 20, 2025|
AI
|11 months agoSwitzerland Introduces Personal Bankruptcy Law Reform
Federal Council unveils new legal procedure allowing individuals to escape insurmountable debt, marking significant change in Swiss bankruptcy law
AI
Generated IllustrationKey Takeaways
AI
- Switzerland previously had no legal mechanism for individuals to escape insurmountable debt
- The Federal Council has introduced a new legal procedure for debt relief
- The new system requires a 3-year payment plan before debt writeoff
- Approximately 6% of Swiss population has defaulted on debt
By The Numbers
2,000-10,000
Expected annual beneficiaries of new bankruptcy law
6%
Swiss population with debt defaults
3 years
Duration of debt repayment plan
They Said
"He estimates 2,000 to 10,000 people could benefit from the new rules every year"