/ world today news/ Debts to the grave, which are passed on to the heirs, go down in history. From the New Year, a 10-year absolute statute of limitations will be introduced for the debts of natural persons for heating, electricity, mobile phones, bank loans and leases.
This will be done with amendments to the Law on Obligations and Contracts. GERB MP Emil Radev will submit the corrections to the parliament within days. The idea is for the changes to come into effect on January 1. “The amendment will fill the lack of a law on private bankruptcy,” the petitioner explained to “Standard”. The absolute statute of limitations is introduced for cases when citizens fall into an objective state of bankruptcy. The law will also apply retroactively. When it enters into force in 2013, debts incurred in 2003 will be automatically written off. and not yet collected.
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**Given the “objective state of bankruptcy” stipulation, how can individuals ensure they meet the criteria and avoid potential legal complications when seeking debt relief under this new legislation?**
## Debt Relief: A Fresh Start or a Legal Loopholes?
**Welcome to World Today News. Today we’re discussing the groundbreaking changes to debt legislation coming into effect in the New Year. Joining me are two esteemed guests:**
* **Ms. Elena Petrova,** a financial advisor and consumer advocate, who has long campaigned for fairer debt practices.
* **Mr. Ivan Ivanov,** a legal expert specializing in contract law and bankruptcy proceedings.
**Thank you both for joining us.**
**(Section 1: The Impact on Individuals)**
* **Ms. Petrova, for many, this news will be a welcome relief. Can you elaborate on what this means practically for individuals struggling with debt?**
* **Mr. Ivanov, while the intention seems to be helping those in dire straits, are there any potential drawbacks to introducing such a sweeping statute of limitations?**
**(Section 2: Retroactive Application – A Cause for Debate)**
* **The retroactive application of the law raises some interesting questions. Mr. Ivanov, from a legal standpoint, how do you view the retroactive nature of this legislation? What precedents does it set?**
* **Ms. Petrova, how do you think this retroactive application will be received by both debtors and creditors? Are there any fairness concerns you foresee?**
**(Section 3: The ‘Objective State of Bankruptcy’ – A Grey Area?** *
* **The law mentions an “objective state of bankruptcy”. Could you both clarify what this term means in practice? How will it be determined, and who will make that determination?
(**Section 4: Long-Term Effects and Alternatives)**
* **Ms. Petrova, beyond the immediate relief, what do you think the long-term effects of this legislation will be on consumer behavior and the overall economy?**
* **Mr. Ivanov, what are your thoughts on this legislation as a long-term solution? Are there other, perhaps more sustainable, approaches to addressing the issue of unmanageable consumer debt?**
**(Conclusion)**
* **Thank you both for this informative discussion. This change in legislation is undoubtedly significant, with potentially far-reaching consequences. We hope this conversation has shed light on the various facets of this complex issue. To our viewers, we encourage you to learn more about the specifics of the new law and how it may affect you.**
**Please note:** This is a sample interview framework. The specific questions and the order may need to be adjusted based on the specific insights and perspectives offered by the guests.
