Rising Bankruptcies in Poland: Nearly 100,000 Individuals Declared Insolvent in 2023

    In 2023, a staggering 21,000 consumers, marking a historic record, faced bankruptcy as declared by the courts, with a total of 94,500 Polish citizens succumbing to insolvency, according to the latest edition of “Puls Biznesu.”

    Unprecedented Bankruptcy Numbers

    The year 2023, as predicted by experts, witnessed a historic surge in personal bankruptcies, breaking records set in previous years. Monthly figures throughout the year were notably higher, with October alone seeing 2,000 declarations—almost as many as the entire year of 2015.

    Steep Rise Since 2020

    “Puls Biznesu” reveals that the sharp increase in consumer bankruptcies began in 2020 and has continued to rise each subsequent year.

    Causes and Commentary

    Jarosław Nowrotek, President of the Central Economic Information Center (COIG), notes that while it is indeed another record year for personal bankruptcies, it does not pose a significant threat to society. He explains that individuals caught in the debt spiral are availing themselves of the opportunity to declare bankruptcy, which serves as a rescue for them. Contributing factors include excessive loans or credits taken with insufficient income, compounded by macroeconomic factors like recent interest rate hikes and escalating living, fuel, and energy costs.

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