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Repayment Plan as Essential Instrument in Personal Bankruptcy in the Czech Republic


Affiliations
1 University of Economics Prague, Department of Financial Accounting and Auditing, Czech Republic
2 SKODA AUTO UNIVERSITY, Department of Financial and Managerial Accounting, Czech Republic
 

It is possible to undergo a personal bankruptcy in the Czech Republic since 2008. The number of personal bankruptcies has been steadily rising in the country since the arrival of economic crisis in 2009. Because of that it is necessary to examine individuals who had undergone personal bankruptcy and by whom has been the process of personal bankruptcy already completed. Submitted research concerns debt relief of individuals who applied for personal bankruptcy in the time period between 1.1.2008 and 31.12.2011 and whose process of personal bankruptcy was declared as successfully completed until the first quarter of 2015. Until the end of the research this applied to 1.352 individuals. The main aim of the research was to find out the percentage of debt repaid to creditors by each individual with regard to their age. The research has been focused on dividing the sample of 1.352 individuals to different categories according to their age, source of their income and amount of their income. Particular debtors who applied for a personal bankruptcy, have been divided into four age groups. Each individual was afterwards analysed for the source of their income, from which the debts were repaid. Possible sources of income were divided into eleven groups. The researched sample of individuals was consequently divided according to the overall amount of their debt into five categories.

Keywords

Personal Bankruptcy, Debt Relief, Debtor, Creditor, Repayment Plan, Amount of Debt, Claim of Creditor.
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  • Repayment Plan as Essential Instrument in Personal Bankruptcy in the Czech Republic

Abstract Views: 256  |  PDF Views: 97

Authors

Monika Randakova
University of Economics Prague, Department of Financial Accounting and Auditing, Czech Republic
Jirina Boksova
SKODA AUTO UNIVERSITY, Department of Financial and Managerial Accounting, Czech Republic

Abstract


It is possible to undergo a personal bankruptcy in the Czech Republic since 2008. The number of personal bankruptcies has been steadily rising in the country since the arrival of economic crisis in 2009. Because of that it is necessary to examine individuals who had undergone personal bankruptcy and by whom has been the process of personal bankruptcy already completed. Submitted research concerns debt relief of individuals who applied for personal bankruptcy in the time period between 1.1.2008 and 31.12.2011 and whose process of personal bankruptcy was declared as successfully completed until the first quarter of 2015. Until the end of the research this applied to 1.352 individuals. The main aim of the research was to find out the percentage of debt repaid to creditors by each individual with regard to their age. The research has been focused on dividing the sample of 1.352 individuals to different categories according to their age, source of their income and amount of their income. Particular debtors who applied for a personal bankruptcy, have been divided into four age groups. Each individual was afterwards analysed for the source of their income, from which the debts were repaid. Possible sources of income were divided into eleven groups. The researched sample of individuals was consequently divided according to the overall amount of their debt into five categories.

Keywords


Personal Bankruptcy, Debt Relief, Debtor, Creditor, Repayment Plan, Amount of Debt, Claim of Creditor.

References





DOI: https://doi.org/10.15759/ijek%2F2016%2Fv4i2%2F190271