Latvians with low incomes will soon be forgiven debts under a simplified procedure (5)

Photo: illustrative photo

From 1 January next year, it will be easier for needy or low-income residents of Latvia to get rid of small debts that exceed the national minimum wage (currently 500 euros), but do not exceed 5,000 euros.

This is provided for in the new bill on the release of an individual from debt obligations, which, together with amendments to a number of other laws, was supported by the legal commission of the Seimas before being considered in the second reading.

Only those people who can

– paid taxes in Latvia within the last 12 months,

– had a declared place of residence in Latvia,

– received social payments from the state or local government budget,

– the average monthly income did not reach the minimum wage,

– do not have real estate pledged with a bank or in favor of third parties,

– no debt or property abroad,

– no officially recognized needy or needy at least three months before the application.

A needy person is a person whose income for the last three months does not exceed 128.06 euros, and the incomes of low-income people are determined by each local government in its own way. For example, in Daugavpils, a household is considered low-income if its monthly income per family member for the last three months does not exceed 400 euros per person… Previously, it was 80% of the state minimum wage or 344 euros last year.

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