Attention citizens! Important amendments have been made to the Law on Personal Bankruptcy. Now, the procedure can be completed 6 times faster, but there are strict criteria. Let’s look at who qualifies for the "express mode" and who will still need to go to court.
✅ "The Green Lane" (Extrajudicial Bankruptcy in 1 Month)
Previously, the process took six months. Now, the period is reduced to 30 days if:
- Your total debt does not exceed 1,600 MCI (approx. 6.7 million tenge in 2026).
- You have not made payments for more than 5 years.
- You have no officially registered property (apartment, car, land).
This is an ideal option for those who have been in a financial deadlock for a long time and have no assets to sell.
🏠 What if you own real estate?
A common question: "Can I write off my debts in a month if I own an apartment?"
The answer is No. If you own any real estate (even if it is your only home), extrajudicial bankruptcy is not available. In this case, the only path is Judicial Bankruptcy.
⚖️ How Judicial Bankruptcy works:
- It takes longer (starting from 6 months).
- A financial manager is involved in the process.
- If the property is your only home and is not pledged as collateral, it is legally protected from being sold (except in rare cases).
⚠️ Keep the consequences in mind:
Bankruptcy is more than just debt relief; it’s a significant legal status:
❌ No new loans or credits for 5 years.
❌ Financial monitoring for 3 years.
❌ You can only apply for bankruptcy again after 7 years.
🚀 How to apply?
The easiest way is through the eSalyq Azamat mobile app or the Egov.kz portal. All data is verified automatically.