American influences on European consumer Bankruptcy law

Abstract

In this paper the author discusses some aspects of the problems and possibilities concerning the introduction in Europe of elements of the Fresh Start doctrine for consumers as embedded in the US Bankruptcy Code. He describes the USA as a society with a restricted social security system and a rather radical Fresh Start policy (discharge of debts, exemptions, etc.). By contrast the West European countries have a well developed system of social security and a lifelong liability for debts. Because many people in Europe are facing debt problems, several governments have been looking for American-like solutions to overindebtedness. After describing the political underpinning of this project, the author discusses some recent developments and perspectives.