THE INSTITUTE OF INSOLVENCY OF CITIZENS AS THE MECHANISM OF DECREASE IN LEVEL OF POVERTY IN THE RUSSIAN FEDERATION: ECONOMICAL AND LEGAL ASPECT
The legal institution of insolvency of individuals is a novelty in the current legal regulation of the Russian Federation. This article is devoted to the study of the influence of the legal institution of the insolvency of citizens on the social institute of poverty in the state. The article analyzes the regulatory provisions of the Bankruptcy Law from the point of view of the authors' desire to achieve a positive result, both legal and socio-economic. The authors of the article determined the relationship between the application of the Law on Bankruptcy and the reduction of poverty level in the country. However, contrary to the positive intentions of the authors of the law, the article details the difficulties in implementing the declared goal aimed at bankruptcy of individuals in practice. To achieve effective bankruptcy of citizens, early restoration of the solvency of individuals and, as a result, reduce poverty in the Russian Federation, the work was proposed to revise the articles of the Law, which require improvement.