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In my country you're responsible with your full wealth for your debt (and there's no personal bankruptcy law - it applies only to businesses). They'll retain 1/
by vladd 15y ago
In my country you're responsible with your full wealth for your debt (and there's no personal bankruptcy law - it applies only to businesses). They'll retain 1/3 of your salary until they fully recover the difference, if there's any left after the foreclosure.
- Retric 15y agoOk, that's far more harsh than I was expecting. Thanks, for the clarification the added background completely alters things.
- eric-hu 15y agoIs it all right with you if you share what country this is? What happens if you become unemployed during this time?
- vladd 15y agoThe country is Romania. A draft existed at one point last year ( http://iasiinvest.ro/information-in-english-/31036-personal-involvency-law-adopted-by-senate http://iasiinvest.ro/information-in-english-/31036-personal-... ) but has been cancelled since then. If you become unemployed and no longer have any assets, I suspect the debt still exists awaiting you to become employed again, but I'm not a lawyer.