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by Law 4161/2013. Help indebted individuals to cope with their debts. 

 

The purpose of the Act regulating the debts is to give a second chance to indebted consumers. Citizens who have proven permanent inability to service their debts, they can regulate their settlement to offload significant proportion of all debts, overdue or not, if they meet for three to five years based on their income a part thereof determined by the Court. At the same time during the period of debt repayment guarantee a minimum level of economic welfare. The indebted consumers in responding to the setting, will become entitled to a new financial start in life, shedding some of the debt that has been created until now. 

 

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