Over 2.2 million citizens have been declared bankrupt in Russia over the past ten years
Over the ten years that the personal bankruptcy mechanism has been in effect in Russia, courts have declared 2.22 million citizens insolvent.
This was reported by Kommersant, citing data from Fedresurs.
In the first quarter of this year alone, 137,500 people went through bankruptcy proceedings—a 13.7% increase compared to the same period last year.
Despite the five-year ban on repeat bankruptcy established by law, some citizens have already taken advantage of the procedure multiple times. According to the Unified Federal Register of Bankruptcy Information, 7,500 Russians have been declared bankrupt twice, and another 49 people—three times.
Millennials (born between 1981 and 1996) account for the largest share of bankrupts—47% of all cases. Generation X (born between 1965 and 1980) ranks second, with a 26% share.
The share of Gen Z (born 1997–2012) rose from 15% to 20%, while the share of baby boomers (1946–1964) fell from 10% to 7%.
Nadiya Yemelina, head of the bankruptcy practice at K&P Group, explained this structure by noting that millennials are in their prime working years and are more likely to take out loans, while Gen Z and older generations are less likely to resort to borrowing.
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