Amendments to consumer bankruptcy law have come into force in Poland today. The Act on Bankruptcy and Reorganization allows consumers to declare bankruptcy if they are unable to pay their debts due to extraordinary circumstances. 

The law includes a definition of provisions regarding ability to go bankrupt, the basis for declaring bankruptcy, proceedings for declaring bankruptcy and their consequences, as well as provisions relating to trustees and participants of bankruptcy proceedings.

In order to take advantage of the new regulations Poles will have to file for bankruptcy with a court which will establish a five-year repayment plan. During that period they will be unable to apply for loans, use credit cards or buy on credit.  They will also be allowed to declare bankruptcy once in ten years.