Details about debt-waiving legislation

The ruling coalition will present its debt-waiving legislation in several months, said Béla Bugár, leader of the Most-Híd party. Asset forfeitures older than five years will be annulled completely, but creditors will be given a right to re-submit their claims. With forfeitures older than three years, 50% of the debts will be waived, along with late interests and penalties (30% for those older than four years). Bugár would not say whether just public institutions would waive old debts. Bailiff officers’ fees will be paid by creditors if the debtors refuse to pay. Bugár estimated the debt-waiving program costs for the state at several tens of million euros. The program will unburden courts and allow people to return to the labor market who have avoided legal jobs because their salary would be taken away by bailiffs.

(Pravda/2)