Filing for personal bankruptcy is a lawful way to discharge unmanageable debt. But the process requires preparation — mistakes in the order of steps delay the case or result in rejection.
Step 1. Check Whether Bankruptcy Is Right for You
To file a bankruptcy petition, three conditions must be met simultaneously:
- debt of 500,000 roubles or more (the court is obliged to open the case);
- arrears of more than 3 months on the majority of obligations;
- insolvency — income is insufficient to service the debt.
If your debt is below 500,000 roubles but you understand you cannot repay, you may still file voluntarily at any amount. If the debt is between 25,000 and 1,000,000 roubles and you have no assets, an out-of-court procedure through the MFC is available — see Bankruptcy in Russia With No Property or Income.
Step 2. Gather Your Documents
The standard package for the arbitration court:
- passport, SNILS (pension number), TIN;
- a list of all creditors with the amounts owed;
- loan agreements, credit contracts, court judgments;
- title documents for assets (certificates, EGRN extracts, vehicle titles);
- income records for the past 3 years (2-NDFL certificates);
- bank account statements;
- details of transactions exceeding 300,000 roubles in the past 3 years.
Step 3. Choose a Financial Trustee
Without a financial trustee the court will not open the case. The trustee is selected from members of a self-regulatory organisation (SRO) of insolvency practitioners — the SRO’s name is stated in the petition.
Trustee’s fee: 25,000 roubles as a one-time deposit paid into the court account, plus 7% of the amount recovered from asset sales.
Step 4. File the Petition with the Arbitration Court
The petition is filed with the arbitration court at the debtor’s place of residence, together with the documents from Step 2. When the debtor files their own petition, no state duty is charged (Art. 333.21(1)(8) of the Tax Code, as amended by Federal Law No. 259-FZ of 08.08.2024).
The court reviews the petition within 15 days to 3 months. The outcome is a ruling that the petition is well-founded and one of the procedures is introduced.
Step 5. The Procedure: Debt Restructuring or Asset Liquidation
The court introduces one of two procedures.
Debt restructuring — if the debtor has a stable income. A repayment plan of up to 3 years is drawn up. If the plan is fulfilled, the debtor is not declared bankrupt.
Asset liquidation — the main procedure. The debtor’s assets (except those protected by law — the sole dwelling, basic household items, clothing) are included in the bankruptcy estate and sold at auction. Proceeds are distributed among creditors. Typically takes 6–12 months.
Step 6. Discharge of Debts
After liquidation is complete, the court issues an order closing the procedure. Remaining debts are discharged, except:
- child support (alimony);
- debts for personal injury or loss of life;
- debts arising from fraud;
- current payments (arising after the petition was filed).
Why child support cannot be discharged, and what that means in practice — Child Support and Bankruptcy in Russia.
How Long Does Bankruptcy Take?
| Stage | Timeline |
|---|---|
| Court review of petition | 1–3 months |
| Debt restructuring (if introduced) | up to 3 years |
| Asset liquidation | 6–12 months |
| Total (typical case) | 8–14 months |
Frequently Asked Questions
How much does personal bankruptcy cost in Russia? No state duty is charged when the debtor files their own petition. Minimum costs: trustee deposit 25,000 roubles + publication in Kommersant (~11,000 roubles) and the Federal Register (~1,500–3,000 roubles) + postage (~2,000–5,000 roubles). Total from 39,500 roubles, not including legal fees.
Can I file for bankruptcy if I have no assets? Yes. Having no assets does not prevent bankruptcy — the court will close the liquidation procedure with a nil result and discharge the debts.
What happens to guarantors when the debtor goes bankrupt? The debtor’s bankruptcy does not release guarantors from liability — the creditor may pursue them for the full amount.
Can I file for bankruptcy again after a previous case? A repeat court bankruptcy is only possible no earlier than 5 years after the previous procedure was completed.
For the Supreme Court’s guidance on what counts as good conduct at each stage of the procedure, see Russia’s Supreme Court on Personal Bankruptcy.
See Also
- Bankruptcy as a Sole Trader (IP): What Changes in 2026
- How Much Does Personal Bankruptcy Cost in 2026
Not sure where to start? Submit a request — a Veritas lawyer will review your situation and outline the best course of action.