{"id":2380,"date":"2015-11-03T15:03:25","date_gmt":"2015-11-03T15:03:25","guid":{"rendered":"http:\/\/kontos.co.me\/2015\/11\/03\/da-li-su-crnogorci-spremni-da-proglase-licni-bankrot\/"},"modified":"2015-11-03T15:03:25","modified_gmt":"2015-11-03T15:03:25","slug":"are-montenegrins-ready-to-declare-personal-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.kontos.webexperts.me\/en\/are-montenegrins-ready-to-declare-personal-bankruptcy\/","title":{"rendered":"Are Montenegrins ready to declare personal bankruptcy?"},"content":{"rendered":"

In late July,\u00a0the\u00a0Parliament of Montenegro\u00a0for the first time\u00a0adopted the Law on\u00a0Personal\u00a0Bankruptcy\u00a0of Consumers,\u00a0which stipulates\u00a0that\u00a0citizens have the\u00a0possibility to return their debts to banks, leasing companies, utility companies, power companies within a certain period of time,\u00a0by declaring\u00a0bankruptcy.<\/strong><\/p>\n

This Law,\u00a0which entered into\u00a0force on\u00a0August 22nd,\u00a0will create\u00a0real preconditions\u00a0for harmonization of\u00a0legislation with the\u00a0EU,\u00a0and\u00a0Montenegro\u00a0will be\u00a0among\u00a0the countries\u00a0that have\u00a0so far\u00a0adopted\u00a0similar\u00a0legislation\u00a0and which\u00a0have\u00a0developed economies.\u00a0Such law\u00a0exists\u00a0in Slovenia\u00a0and\u00a0Croatia,\u00a0but their\u00a0economists argue\u00a0that there is little\u00a0interest\u00a0of indebted\u00a0citizens\u00a0for the institution\u00a0of bankruptcy.<\/p>\n

Specialist of the\u00a0European legislation,\u00a0however, say\u00a0that personal\u00a0bankruptcy\u00a0in the world\u00a0is a\u00a0phenomenon which\u00a0is not at all\u00a0pleasant\u00a0for the citizens.\u00a0A citizen\u00a0who\u00a0declares\u00a0bankruptcy\u00a0in exchange\u00a0for\u00a0writing off\u00a0or mitigating\u00a0debts,\u00a0gives\u00a0a lot of his\/her\u00a0basic human rights to the the state and creditors.\u00a0Starting with\u00a0the right to privacy,\u00a0the right to property, the\u00a0right to work\u00a0and\u00a0free choice of employment,\u00a0because\u00a0others would decide on these issues,\u00a0and not the\u00a0indebted citizen.\u00a0Thus,\u00a0for example,\u00a0citizens\u00a0in bankruptcy\u00a0get\u00a0a supervisor\u00a0without whose\u00a0consent\u00a0they\u00a0cannot\u00a0spend\u00a0not even\u00a0a cent.<\/strong><\/p>\n

\"Notes<\/p>\n

The lack of\u00a0this Law\u00a0is that the\u00a0bankruptcy\u00a0is also\u00a0registered\u00a0in\u00a0the credit register of\u00a0borrowers\u00a0from 7 to 10 years,\u00a0and this will\u00a0make it difficult for\u00a0the debtor\u00a0to\u00a0obtain\u00a0a mortgage\u00a0or\u00a0a\u00a0loan\u00a0for\u00a0a longer period.\u00a0In addition,\u00a0due to the\u00a0recorded\u00a0history\u00a0of bankruptcy,\u00a0a debtor\u00a0may be difficult\u00a0to find\u00a0employment or\u00a0to lease a\u00a0house or an apartment.<\/p>\n

The lawyers\u00a0also fear\u00a0that the\u00a0Institute\u00a0of Personal Bankruptcy\u00a0might become\u00a0a cover\u00a0to protect the interests\u00a0of creditors,\u00a0to the detriment\u00a0of citizens.\u00a0In addition,\u00a0abuse of\u00a0personal bankruptcy\u00a0is also possible\u00a0(moral hazard), in order to achieve\u00a0complete liberation\u00a0of\u00a0debts.<\/p>\n

However, the application of\u00a0the Law\u00a0on Personal\u00a0Bankruptcy\u00a0of Consumers\u00a0has yet to begin\u00a0this autumn.<\/p>\n

It is interesting that\u00a0in the US,\u00a0where\u00a0citizens\u00a0have\u00a0no problem\u00a0admitting that they\u00a0were not good at handling their\u00a0money,\u00a0in\u00a0the last two years\u00a0two million people declared bankruptcy.<\/p>\n

The original text of the Law can be found HERE<\/a><\/p>\n

 <\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

In late July,\u00a0the\u00a0Parliament of Montenegro\u00a0for the first time\u00a0adopted the Law on\u00a0Personal\u00a0Bankruptcy\u00a0of Consumers,\u00a0which stipulates\u00a0that\u00a0citizens have the\u00a0possibility to return their debts to banks, leasing companies, utility companies, power [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":1954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[88,89,90],"class_list":["post-2380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en","tag-bankrot-en","tag-finansije-en","tag-licni-bankrot-en"],"_links":{"self":[{"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/posts\/2380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/comments?post=2380"}],"version-history":[{"count":0,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/posts\/2380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/media\/1954"}],"wp:attachment":[{"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/media?parent=2380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/categories?post=2380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kontos.webexperts.me\/en\/wp-json\/wp\/v2\/tags?post=2380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}