Over-indebtedness

Over-indebtedness describes the clear inability of a good-faith individual to meet all of their non-professional debts. In France, the person can file a case with the over-indebtedness commission of the Banque de France, which may lead to rescheduled payments or partial debt write-off. While the case is being reviewed, creditor enforcement is suspended. Other countries have their own mechanisms, such as debt relief orders or individual voluntary arrangements in the United Kingdom, with different rules and effects.