CEU Electronic Theses and Dissertations, 2013
| Author | Fábián, Albert Richárd |
|---|---|
| Title | Individual Bankruptcy in the US - Lessons for Hungary |
| Summary | Indebtedness of individuals is a recognized issue by the US and every major jurisdiction in Europe. A possible legislative response for this problem is the individual bankruptcy. This procedure rearranges debtor’s financial situation, closes the prior bankruptcy life of the debtor and discharges him from the constraints of pre-bankruptcy debts. Discharge is the counter point of two opposite interests: the debtors are naturally in favor of sharing of the risk of their default with creditors while the creditors are lobbying for the unavailability or for the tightening of discharge. The Hungarian legislation has not yet enacted any law concerning individual bankruptcy despite the serious over-indebtedness of Hungarian households. There are only a few legal scholar articles about this topic and those only argue for establishing the system but do not make any suggestions how the legislator should regulate this field. That is why the ultimate goal of this thesis is elaborating the theoretical basis of a Hungarian individual bankruptcy procedure. In order to reach this outcome I summarize the possible justifications and also the drawbacks related to the fresh start of individual debtors. After that, I show what the pillars of a working individual bankruptcy system are by describing the main points of the US Bankruptcy Code. Then after a brief insight into the financial conditions of Hungarian families I propose a liberal and at the same time strict regulation which gives a generous discharge in exchange for serious sacrifice. |
| Supervisor | Tajti, Tibor S.J.D. LL.M. |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2013/fabian_albert.pdf |
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