What are the laws governing bankruptcy and insolvency in Bulgaria?

[ruelle]

Our relatives in Bulgaria are completely over their heads in debt. They owe more than they could ever pay back. They have personal debt and small business debt. I advised them to seek legal counsel regarding bankruptcy, but they claim that bankruptcy doesn't exist in Bulgaria. Does anyone know about the laws governing bankruptcy and insolvency for personal and small business concerns? How easy is it to declare bankruptcy? Would the laws allow them to be free of their debt, since paying off the debt is impossible? Please respond if you have any knowledge of bankruptcy law in Bulgaria.