Thousands of Russians can declare themselves bankrupts in the near future. The citizens who have run into debt to banks decent sums, can get clear of debts legally if law on bankruptcy of physical persons is introduced in the country. The institute of personal bankruptcy is to begin work already in the end of this year. According to law bankruptcy procedure in arbitration court can be initiated both by a creditor, and a debtor. Debt sum for the last 6 months must surpass 50,000 rubles. If a citizen is admitted insolvent, his debt can be re-structured within five years, or written off through bankruptcy proceedings. Filing a petition about bankruptcy, debtor should pay for two months’ work of an insolvency official (20,000 rubles) and publication of the information on production opening. If restructuring was unsuccessful, then debtor’s property is to be sold out. However in this case it is forbidden to confiscate sole housing accommodation and land lot (if they are not mortgaged), money in the amount of more than 25,000 rubles, subjects of private use (clothes), home appliances priced at no more than 30 thousand rubles. Experts mark similarity of Russian legislative draft with west-european analogues. The fact that a bankrupt person in case of final process appointments, will have his own apartment, land lot, articles of daily necessity is a positive factor. Let`s remind that active discussion of bankruptcy question of sole proprietors goes in authorities more than half a year. Its acceptance drags on, first of all, in connection with unwillingness of real and potential creditors on behalf of banks to restructure the indebtedness of insolvent citizens, postponing receiving of the planned profit, or in case of debt writing off. According to the head of investment company’s press-service Finam Vladislav Isaev, some compromise has been reached on the whole in last variant of the bankruptcy bill of sole proprietors. "Many moments, such as terms of debts re-structuring (till five years) and debt write-off through competitive manufacture (no more than year), basically remained without changes. Besides the new bill "About rehabilitation procedures", applied in work with a citizen-debtor has been more concretised. In particular, demands are made to debtors, requirements to re-structuring, conditions of property confiscation for debt-service before creditors and exceptions" are stipulated. The expert believes that law will allow to re-structure debt to persons whose property is more expensive than the debt. Thus many persons who lost work can get clear of debts or re-structure them on beneficial terms. In the conditions of a current conjuncture we believe that it is very actual. Considerable number of people can take advantage from these law positions a as the rate of unemployment in the country has exceeded 10 % boundary, and many of borrowers are among them. Artem Krasnov