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Home > Personal bankruptcy/discharge > Understanding personal bankruptcy exemption > Procedure
Creditors, debtors, and persons equivalent to the debtor (legal representative, representative of the bankrupt company, director, manager) can apply.
In most cases of personal bankruptcy, the debtor’s application for the purpose of discharge is overwhelming, but creditors may also apply for bankruptcy against the debtor for the purpose of converting assets and receiving dividends.
In principle, in personal bankruptcy, bankruptcy must be filed at the district court that has jurisdiction over the debtor’s address. However, cases that fall under the jurisdiction of the Seoul Eastern District Court, Seoul Southern District Court, Seoul Northern District Court, or Seoul Western District Court can only be applied to the Seoul Central District Court. Additionally, if an individual who has a business office applies for bankruptcy, he or she may also apply for bankruptcy at the main district court in the location of the high court that has jurisdiction over the business office location. Therefore, individuals with business offices in the Incheon, Gyeonggi, and Gangwon regions can also apply for personal bankruptcy at the Seoul Central District Court, which is the local court at the location of the high court with jurisdiction over the above regions.
※ The above periods may be extended or shortened depending on the circumstances of the court.
The purpose of the personal bankruptcy and exemption system is to provide applicants with an opportunity for economic recovery and rehabilitation through exemption procedures, but its original purpose is to dispose of the applicant’s assets through a bankruptcy trustee and distribute them equally to creditors. . However, in most personal bankruptcy cases, the amount of property does not reach the procedural costs such as appointing a bankruptcy trustee, so the dividend process through property disposal is omitted and the bankruptcy procedure is immediately abolished and the discharge procedure is entered. In this way, the bankruptcy procedure is abolished at the same time as the bankruptcy procedure is declared. The decision is called a simultaneous abolition decision.
In general, the standard for the amount of property for a simultaneous decision to close is 3 million won, and if the amount of property exceeds this amount, a bankruptcy trustee is appointed to dispose of the property. However, even if the applicant has property that exceeds the above amount, if the property is essential for the debtor’s basic life, such as a rental deposit, a car, or household goods, there is a tendency in practice to simultaneously abolish it even if it is a considerable amount in order to guarantee the applicant’s basic right to survival. there is. In addition, the Debtor Rehabilitation and Bankruptcy Act establishes an exempt property system, allowing a certain portion of the right to claim the return of rental deposits for buildings used for residential purposes by the debtor or his dependents, as well as a certain portion of specific property to be used for 6 months of living expenses, from the bankruptcy foundation. By allowing exclusion, the basic livelihood of those who have been declared bankrupt is guaranteed.
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