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영어

The title of this thesis is “A Study of the Improvement of the Consumer Bankruptcy Procedure and Indemnification Procedure.” It would be difficult at the present moment to predict exactly what problems may arise in the future. Koreans can vividly remember that they had to bite the bullet during the 1997-98 Asian financial crisis. Many of them lost jobs and suffered from drastic corporate and financial restructuring. Then they popped the bottle of champagne too early, emerging from the turmoil in less than two years. They spent more than what they earned, leading to a credit card crisis in 2003 that made over 4 million people credit defaulters. The listed defaulters face restrictions on financial activities and employment. Korea introduced consumer bankruptcy system as a measure to save personal debtors from debt around the time of IMF rescue funds. In order to provide debtors with an opportunity for a fresh start, it is necessary to improve the consumer bankruptcy system. Consumer counseling and training are considered particularly important. However, consumer bankruptcy system exempts personal debtors from debt even when it sacrifices the credits, so it needs social reconciliation when determining the range of exemption of personal debtors. Consumer bankruptcy system should compare and decide how to minimize the ethical laxity of debtors and how much sacrifice of creditors should be demanded.