Consumer bankruptcies increased twofold in 2016

As many as 4,450 people have filed for consumer bankruptcy in 2016, up from 2,113 in 2015, according to data released by BIG InfoMonitor. The value of an average debt was PLN 180,876 last year, a drop from PLN 230,709 recorded in 2015. In 2015, the Polish law on personal bankruptcies was amended making it much easier to file for one. According to BIG InfoMonitor the value of debt of people that have filed for costumer bankruptcy between 2015-2016 has reached nearly PLN 1 billion, the bulk of that amount comes from mortgage loans. Record-holder, a 42-year old man, has nearly PLN 10 million in red, stemming from two mortgages worth PLN 2.35 million and a consumer loan worth nearly PLN 8 million.