Reasons vary
Women often file for personal bankruptcy after separations
The majority of personal bankruptcies are male (61 percent) and usually occur after self-employment. The average amount of debt in the previous year was 113,000 euros, as reported by the Kreditschutzverband on Monday.
At 77,000 euros, women have less debt on average than men at 138,000 euros. "The significant delta in the amount of debt between men and women is also due to the increased self-employment of men. This often includes entrepreneurial debts, which is why the debts are significantly higher," says Karl-Heinz Götze from KSV.
The reasons why men and women slip into personal bankruptcy are different. For example, women are more likely to overestimate their own financial capacity (24 vs. 20 percent) and are more likely to end up in personal bankruptcy than men due to the assumption of liability (eight vs. two percent). Such debts mostly come from loans, for example to finance the joint home.
For men, personal bankruptcy is often (32%) due to former self-employment, while one in five has overestimated their own financial capacity.
"Many women sign guarantees even though they often have little or no direct influence on the fulfillment of the loan. If they subsequently separate, many women are no longer able to meet their financial obligations and have to file for personal bankruptcy," said Götze.
New personal bankruptcy rules
Personal bankruptcy has been adapted several times in the past. In 2017, for example, the debt relief period was shortened from seven to five years and the minimum quota of ten percent was completely abolished. "As a result, single-digit insolvency rates became the rule and cash flows to creditors fell noticeably," criticizes KSV.
It is calling for more financial education and that the option for private individuals to discharge their debts within three years should not be extended.
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