General criteria for determining reasonable standard of living have been approved, using the value of minimum monthly consumption basket updated by Central Insolvency Commission with the support of Statistics National Institute by reference to the value of the consumer price index for June 2022 compared to the same month of 2019.
The value of the minimum monthly consumer basket is set differently for insolvency proceedings based on a debt repayment plan/simplified insolvency procedure and judicial insolvency proceedings through liquidation of assets.
For determination of the expenses for ensuring a reasonable standard of living, the minimum expenses related to the operation and maintenance of a vehicle will be taken into account, if it is indispensable for the debtor and his/her family, including for travelling to and from work. In addition, in determining the expenses for ensuring a reasonable standard of living, account shall be taken of the expenses necessary for the upbringing care and education of the child in the debtor’s care or for whom the debtor provides maintenance, having regard to the child’s various stages of development.
In addition, in determining the expenses for ensuring a reasonable standard of living, account shall be taken of the expenses necessary for the upbringing care and education of the child in the debtor’s care or for whom the debtor provides maintenance, having regard to the child’s various stages of development.
