Bancroptcy of individuals as a modern economy atribute: court approval of an individuals debt restructing plan

The article deals with the problem of individuals bankruptcy in the context of court approval of an individuals debt restructuring plan. Basing on current judicial practice, the author insists that debt restructuring plan is the most important tool of individuals financial rehabilitation, the approval of which in most cases is at the discretion of the arbitration court. Successful debt restructuring and restoration of individuals solvency are recognized to be the highest priority goal of bankruptcy proceedings in comparison with declaring a debtor bankrupt and introducing property sale procedure in relation to him.