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Concepts and definitions

Restructuring of private debts

A district court can admit a person with severe debt problems into a debt restructuring scheme. The provisions on the restructuring of private debts are included in the Act on the Adjustment of the Debts of a Private Individual, which entered into force on 8 February 1993. The purpose of the Act is to ameliorate the situation of private persons in financial difficulties.

Before petitioning for debt restructuring, the debtor shall determine whether there is a possibility to a negotiated settlement with the creditors. If a settlement cannot be negotiated, a petition for debt restructuring can be filed in a court of justice. If the preconditions of debt restructuring are in place, the court of justice may confirm a payment schedule. When the payment schedule ends the debtor is released from the remainder of his/her debts.

Referencing instructions:

Official Statistics of Finland (OSF): Restructuring of debts [e-publication].
Helsinki: Statistics Finland [referred: 19.5.2024].
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