Formation of the institution of insolvency (bankruptcy) citizens in the Russian Federation

The article examines the peculiarities of the formation of the institution of insolvency (bankruptcy), and also examines the specifics of the implementation of the Federal Law on the Regulation of Bankruptcy in Russia, which affects individuals who are not entrepreneurs. The article analyzes how the economic crisis of 2008 and subsequent events led to the need to adopt a bankruptcy Law. This scientific paper discusses the difficulties associated with the development of regulations that ensure a balance between the needs of borrowers and creditors, as well as conflicting views on the nature of the law on bankruptcy of individuals.