In germany bankruptcy (in the anglo-american sense of "resetting" all obligations) is only possible after a 3 year period[1] in which the debtor has to give up all income beyond a certain limit to the creditor.
Even this is only due EU regulations, which limited this period to 3 years, before it was 5 years.
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In germany bankruptcy (in the anglo-american sense of "resetting" all obligations) is only possible after a 3 year period[1] in which the debtor has to give up all income beyond a certain limit to the creditor.
Even this is only due EU regulations, which limited this period to 3 years, before it was 5 years.
[1]: https://de.wikipedia.org/wiki/Privatinsolvenz#Ablauf_und_Zie...