ANALYSIS OF THE INSTITUTE OF BANKRUPTCY OF INDIVIDUALS
The article analyzes the institution of bankruptcy of individuals, its distinctive features and prospects for development. This Institute was introduced recently, although scientists have been arguing about its necessity for a dozen years. Bankruptcy (insolvency) of individuals is a legal procedure for the liquidation of individuals who are not able to meet the requirements of borrowers for financial obligations or fulfill mandatory payments. In this article, the author considered the prospects for the functioning of the institution in question, as well as analyzed the norms of Federal legislation, highlighted the positive and negative consequences of applying bankruptcy procedures to individuals.