Restructuring or bankruptcy? Deputy Minister explains what to choose when facing financial difficulties
Deputy Minister Maxim Borovkov discussed alternatives to bankruptcy, where to seek assistance, and what documents to prepare in an interview with the «Vatanym Tatarstan» newspaper.
According to him, bankruptcy is a last and extreme resort. A more common tool is debt restructuring, which is actively used by credit institutions to settle debt obligations under existing contracts.
To amend the terms of the contract, it is necessary to provide justification for financial hardship. «Such grounds may include a decrease in income, serious illness, or loss of working capacity», - Borovkov explained.
To obtain restructuring, you need to:
1. Contact the bank where the loan was issued directly.
2. Submit a restructuring application, stating the reasons for financial hardship and proposing a feasible repayment schedule.
The Deputy Minister also reminded that citizens can receive free legal advice on personal bankruptcy issues. Ministry staff hold weekly consultations at the State Legal Bureau of Tatarstan.
- When: Every Thursday, from 14:00 to 17:00
- Where: Kazan, 124 Hadi Taktash Street
The full text of the interview is available in issue №110 of the «Vatanym Tatarstan» newspaper dated September 9.