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Storme, Matthias E.; Helsen, Frederic --- "BELGIUM" [2019] ELECD 1195; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 146

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 4

Section Title: BELGIUM

Author(s): Storme, Matthias E.; Helsen, Frederic

Number of pages: 44

Abstract/Description:

The Belgian personal bankruptcy regime is termed the Collective Debt Resolution (CRD), and was enacted in 1998, taking effect from January 1st, 1999. The relevant legal dispositions are laid down in Art. 1675/2–1675/19 of the Belgian Judicial Code. Before the creation of this regime, natural persons who were not engaged in a commercial business had no recourse to personal bankruptcy, with its accompanying potential for discharge of debt, available to them. The express goal of the CDR is to allow debtors to repay their debts to the greatest extent possible, while guaranteeing a humane standard of living to the debtor and his or her family.