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Austria has officially reinstated a five-year waiting period for personal bankruptcy, ending a temporary three-year rule that was introduced during the Covid-19 pandemic. The shorter timeframe, enacted in 2021, allowed individuals to discharge their debts more quickly but expired on Friday without being made permanent. Now, private individuals must again undergo a five-year insolvency period before qualifying for debt relief. The change marks a return to pre-pandemic norms and is expected to impact those seeking a financial fresh start. The decision underscores the government's shift away from crisis-era measures as the economy stabilizes. Article and image source: voiceofvienna.org
Austria has officially reinstated a five-year waiting period for personal bankruptcy, ending a temporary three-year rule that was introduced during the Covid-19 pandemic. The shorter timeframe, enacted in 2021, allowed individuals to discharge their debts more quickly but expired on Friday without being made permanent. Now, private individuals must again undergo a five-year insolvency period before qualifying for debt relief. The change marks a return to pre-pandemic norms and is expected to impact those seeking a financial fresh start. The decision underscores the government’s shift away from crisis-era measures as the economy stabilizes.
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