Simplified bankruptcy and redemption of citizens’ debts as options for individuals to get out of a critical economic situation

The problems existing today during the COVID-19 pandemic of reducing real incomes of the population and the debt load of citizens in the Russian Federation can lead to an increase in social tension and poverty. The purpose of this article is to analyze the possibilities of solving the problem by introducing simplified and extra-judicial bankruptcy procedures for individuals, as well as redemption by citizens of their own debts from credit organizations at a discount - at the price offered to collectors. In the course of the study, materials of official statistics were used, an analysis of expert opinions, situations of development and adoption of bills in the field under consideration was carried out. It has been established that the closest to its implementation is the mechanism of a simplified and out-of-court bankruptcy procedure, which passed the first reading in the State Duma. But in view of the existing contradictions and shortcomings, his second reading was postponed indefinitely. The procedure of independent redemption by citizens of their debts at a discount from credit organizations looks attractive for both debtors and lenders, as in the near future, a temporary moratorium on debt collection may be introduced. But to date, this approach has not received implementation as a bill. It is concluded that in the conditions of the negative development of the economic situation, the decline in incomes of the population against the backdrop of high borrowing, early adoption of legislative decisions is necessary to reduce social tension, which requires special attention of lawmakers and government institutions.