In the first six months of 2004 more than 6.6 thousand court orders for debt repayment were pronounced, nearly 30 percent more than in the first six months of 2003. The number of restructured debts of people over 55 is more than one and a half times as high as in the first six months of 2003.
Debt repayment schemes
Almost two in three persons subject to debt restructuring schemes were aged between 25 and 44. Over-55s account for 10 percent of all people whose debts are restructured.
Debt repayment schemes by age of the debtor
Higher average debt for one-man businesses
The average amount involved in debt repayment arrangements is 30 thousand euro for private persons and 99 thousand euro for one-man businesses. The average amounts involved are more or less the same as in previous years.
More creditors for one-man businesses
Over 60 percent of private individuals had fewer than ten creditors, 7 percent had more than twenty creditors. Half of one-man businesses had fewer than ten creditors, 20 percent had more than twenty creditors.
Number of creditors, first six months 2004
Most debt restructuring schemes end with clean slate
In the first six months of 2004 more than 3.6 thousand restructuring arrangements were concluded. Two in three were concluded with a clean slate usually after three years. One in six repayment arrangements ended in bankruptcy, in most cases in the first or second year after repayment was started. Other restructuring schemes were concluded without consequences (15 percent) or with a settlement between debtor and creditors (2 percent).
Repayment schemes concluded, first six months 2004