The mechanism of insolvency (bankruptcy) of a citizen under the laws of Russia and the USA: comparative legal research

Despite the fact that the failure is peculiar, first of all, for professional participants of civil turnover, the practice is often faced with situations when people who are not entrepreneurs are incapable of meeting their financial obligations. It is important to note that one reason for such practice is more active consumer lending, aimed at the development of the consumer economy. Regulation of procedures of insolvency (bankruptcy) differs significantly in the country aspect. The study of the relatively stable U.S. law on bankruptcy has significant heuristic value and is of practical importance as it allows to take into account the positive experience and to make as few mistakes as possible in the process of modernization of the Russian legislation in this sphere. The conceptual approach of American legislation aimed primarily at protecting the interests of the debtor, may be useful to the Russian legislator with certain amendments and correlations.