Article 208. Requirements for Debt Restructuring Plan for Natural Person

A natural person's debt restructuring plan must meet the following requirements:

debtor, who is a natural person must have a source of income on the date of submission of the plan for restructuring the debt of a natural person;

before the date of acceptance of the application for declaring a natural person insolvent, proceedings were terminated in cases of bringing a natural person to administrative or criminal liability for committing petty theft, intentional destruction, causing harm or damage to property, or false insolvency or intentional insolvency, the criminal record of a natural person for the intentional commission of a crime in the economic sphere was also removed or canceled;

during the five years preceding the submission of the debt restructuring plan, the natural person was not declared bankrupt and the procedure for the sale of their property was not applied;

during the eight years prior to the submission of this plan, the plan for restructuring the debt of a natural person was not approved.

The debtor, who is a natural person shall be obliged to notify the creditors:

about the facts of committing petty theft, intentional destruction, causing harm or damage to property, illegal actions during insolvency, bringing them to administrative or criminal liability for false insolvency or deliberate insolvency;

on criminal and administrative cases known to a natural person, as well as on the removal of a criminal record or the cancellation of a criminal record;

on debt restructuring plans during the previous eight years prior to the submission of an earlier decision within five years to declare a natural person bankrupt and apply the procedure for selling their property or a plan for restructuring their debt.

The information provided for by part one of this article shall be indicated in the plan for restructuring the debt of a natural person.