Eight Lithuanian nationals were declared bankrupt in Latvia in July alone, which is a record-high figure.
Moreover, three Lithuanian families, mostly failed business people, went bankrupt in the neighboring country last month.
Private individuals will not be able to declare themselves bankrupt in Lithuania until next March.
"Lithuanian laws support banks, while Latvian laws support people," said Romualdas Milius, a businessman who has been declared bankrupt in the neighboring country.
