Bankruptcy of Natural Persons in Lithuania: Reasons and Problems

AbstractIn the context of the research and practice The Law of Bankruptcy of the Natural Persons in Lithuania is a relatively new subject and scientifically very fragmentally analysed. The bill of Bankruptcy of Natural Persons in Lithuania was proposed in 2009 (No. XIP-450, 24.03.2009), but met with a considerable amount of criticism and was delayed for further improvements. However, the Law of Bankruptcy of the Natural Persons in Lithuania has come into force on the March 1, 2013. The article aims to identify the main reasons that cause bankruptcy of natural persons in Lithuania as well as to figure out some problems related with it. Through the systematic and comparative analysis there are presented the concept of bankruptcy of natural persons, models, advantages and disadvantages together with reasons and problems. The paper also presents the results of the semi-structured interview with two expert groups