Attention citizens! Important amendments have been made to the Law on Personal Bankruptcy. Now, the procedure can be completed 6 times faster, but there are strict criteria. Let’s look at who qualifies for the "express mode" and who will still need to go to court.
✅ "The Green Lane" (Extrajudicial Bankruptcy in 1 Month)
Previously, the process took six months. Now, the period is reduced to 30 days if:
This is an ideal option for those who have been in a financial deadlock for a long time and have no assets to sell.
🏠 What if you own real estate?
A common question: "Can I write off my debts in a month if I own an apartment?"
The answer is No. If you own any real estate (even if it is your only home), extrajudicial bankruptcy is not available. In this case, the only path is Judicial Bankruptcy.
⚖️ How Judicial Bankruptcy works:
⚠️ Keep the consequences in mind:
Bankruptcy is more than just debt relief; it’s a significant legal status:
❌ No new loans or credits for 5 years.
❌ Financial monitoring for 3 years.
❌ You can only apply for bankruptcy again after 7 years.
🚀 How to apply?
The easiest way is through the eSalyq Azamat mobile app or the Egov.kz portal. All data is verified automatically.