Bankruptcy of individuals in Russia

The article examines the bankruptcy procedure of individuals in the Russian Federation as a legal instrument aimed at freeing citizens from unbearable debt obligations. The main stages of bankruptcy are analyzed: preparation and filing of an application, introduction of the debt restructuring procedure, sale of the debtor's property and final recognition of him as bankrupt with subsequent debt write-off. Particular attention is paid to the consequences of recognizing a citizen as bankrupt, such as restrictions on holding management positions, deterioration of credit history and a ban on repeated bankruptcy for five years. The moral and psychological aspects of the procedure and its impact on the social status of the debtor are also noted. The article offers alternative ways to solve financial problems that allow avoiding bankruptcy: debt restructuring through a bank, voluntary sale of property, negotiations with creditors and debt refinancing. The importance of a balanced approach to choosing a strategy for exiting the financial crisis, taking into account all the legal and social consequences of bankruptcy, is emphasized.