Bankruptcy Law - Second Chance
Debt settlement and debt discharge through the bankruptcy law
Debt discharge in 1 year (with assets that can be sold) or in 3 years
Who can get it
Official evidence · Άρθρο 77 παρ. 2 ν. 4738/2020 (Α΄ 207): «σε ύψος τουλάχιστον 40% των συνολικών του ληξιπρόθεσμων υποχρεώσεών του για περίοδο τουλάχιστον έξι (6) μηνών, εφόσον η μη εξυπηρετούμενη υποχρέωσή του υπερβαίνει το ποσό των τριάντα χιλιάδων (30.000) ευρώ» · παρ. 3: «Επαπειλούμενη αδυναμία εκπλήρωσης αποτελεί λόγο κήρυξης της πτώχευσης, όταν την κήρυξή της ζητά ο οφειλέτης» · ΥΠΕΘΟΟ: «α) σε 1 έτος … στην περίπτωση που ο οφειλέτης διαθέτει περιουσία» · «β) σε 3 έτη … στην περίπτωση που ο οφειλέτης δεν διαθέτει περιουσία ή διαθέτει περιουσία μικρής αξίας» · Checked: 2026-10-12
Official evidence · άρθρο 77 παρ. 3 ν. 4738/2020 (Α΄ 207): «Επαπειλούμενη αδυναμία εκπλήρωσης αποτελεί λόγο κήρυξης της πτώχευσης, όταν την κήρυξή της ζητά ο οφειλέτης.» · Checked: 2026-10-12
Based on official sources. For the latest criteria, contact the relevant authority.
How to apply
The steps to apply yourself. Free: you don’t need to pay anyone.
Required Documents
Usually the details gov.gr already holds about you are enough.
Step by step
- 1
Check if this applies to you
The bankruptcy law ("Second Chance") is for people who can no longer pay their debts or keep to a settlement they have already made. It is different from the Out-of-Court Mechanism: here you ask the court to declare your bankruptcy and, at the end, to discharge your debts.
Open the page - 2
Contact a lawyer
You do not file the application yourself. An authorised lawyer files it electronically on your behalf in the Electronic Solvency Registry. If your assets do not exceed 350,000 euros, the case goes as a small-scale bankruptcy to the Magistrate's Court for the area of your main residence. In all other cases the Multi-Member Court of First Instance is competent. Ask your lawyer for the exact cost: in a small-scale bankruptcy it includes a 250-euro deposit certificate paid to the Deposits and Loans Fund.
Open the page - 3
Prepare your supporting documents
You will need your latest tax return, a full list of your creditors with the amount owed to each, a debt certificate from the tax office if you owe money to the State, and, for your properties, a land registry sheet or a certificate of encumbrances.
- 4
The application is published and an administrator is appointed
The application is published in the Electronic Solvency Registry for 30 days, so that anyone with a legal interest can file observations. The court then appoints a certified insolvency administrator (trustee), who reviews your assets, notifies creditors, and oversees the process.
- 5
What happens until the discharge
Your creditors declare and verify their claims, usually within a few months. If you have assets that can be sold, they are liquidated so the proceeds can be shared among the creditors. Until the process is complete, the part of your income above your reasonable living expenses, or in certain cases above five times that amount, goes to your creditors.
- 6
When the discharge is completed
The discharge of your debts takes effect 1 year after the bankruptcy is declared if you have assets that are liquidated, or 3 years if you have no assets or only assets of small value. The deadline can move if someone with a legal interest challenges the discharge.
Authority: Άλλος Φορέας
Good to know
- Sign in to gov.gr with your TAXISnet codes. You sign in ONLY through the official government page. Never enter your codes anywhere else.
- Fill in and submit the application. Enter your details, upload anything requested and submit. Keep the protocol number.
- Track your application. Progress and the final decision appear in your account on the authority / gov.gr.
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What it is
The option of settling or writing off debts through the bankruptcy law (Law 4738/2020). Protection of vulnerable debtors, a restructuring plan and full discharge of debts: within 1 year of the court decision if the debtor has assets that are sold off in the bankruptcy, or within 3 years if the debtor has no assets or only assets of low value.
Lifecycle*
ActivePermanent/ongoing benefit
No fixed end date is currently recorded.
*Cycles, deadlines, and availability may change regularly. Always confirm with the official source before applying.
Benefit details
- Provider
- Άλλος Φορέας
- Category
- Taxes & Debts
- Status
- Active
- Type of benefit
- Debt settlement
Details last verified: 12/10/2026