Specifics of the Formation of the Institution of Bankruptcy of Individuals in the Russian Federation

Purpose of the research. This article examines the history of the formation of the institution of bankruptcy of individuals in the civil law of the Russian Federation. The author has analyzed the main regulatory approaches, identified a number of problematic aspects in cases of insolvency of individuals at various stages of development of legislation, and identified its modern innovations. Results. The institution of bankruptcy of individuals was restored in the modern history of Russia, but its development took place with significant problems, which did not allow fully protecting the rights of citizens and taking into account the interests of creditors. The introduction of an extrajudicial bankruptcy procedure has become the pinnacle of the legal genesis of the institution of insolvency of individuals, but this situation carries certain risks for creditors and the state regarding a possible increase in abuse and fraudulent actions on the part of citizens. In the current situation, it is extremely important to further search for legal approaches that would minimize possible abuses of citizens and the use of fraudulent schemes during the implementation of personal bankruptcy procedures due to increased control by the state.