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More than 370,000 Russians declared bankruptcy
In the first half of 2021, 88,046 people (including individual entrepreneurs) were declared bankrupt. This is 2.1 times more than in the same period in 2020. In January - June 2020, the growth was 1.5 times compared to the same period in 2019.
First, the fear of citizens about changes in legislation
Several factors are involved in the increase in bankruptcies of individuals. First, the fear of citizens about changes in legislation (in the sense that in the future there may be more stringent requirements for bankruptcies). Secondly, the desire to get rid of debts at a time when it will be easier to take this step (citizens and authorities are well aware of the situations that could have provoked the crisis, therefore they are more loyal to those who cannot fulfill their obligations to creditors). As for the companies, they were provided with significant support measures, thanks to preferential loans and tax deferrals, they managed to survive the crisis months more easily, so the bankruptcy procedure was not needed.