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영어

Individual debtor rehabilitation procedure is a legal system of designed for the effective rehabilitation and new start of individual debtors facing the financial difficulties though expected continuous or repeated future employment income or business income by adjusting the debt relations of both parties interested. Although a lot of pain involved such as to create a complex application forms and their compensation and to perform the long-term repayment plans, individual rehabilitation procedure which adjusts the interests of both parties of the debtor and creditors together to promote their interests is more just than individual bankruptcy proceedings. It should go through complicated procedures such as the authorization of repayment plans etc. But the bankruptcy court is favorable and going to guide to use this rehabilitation process active. In this article, we've seen an overview of the contents of individual rehabilitation procedure which performed after 6 and a half years have passed, and its philosophy and characteristics and its development process, especially compared with other bankruptcy procedures. Also we looked into many of the current personal rehabilitation issues, especially the pros and cons debate on the necessity of introduction of the "automatic stop" system, and Byeoljegwon (Absonderungsrecht, covered bonds) and its problems, the issuing of debt certificates, exemption or moratorium on the guarantor's liability, a joint application system of a couple, streamline of mutual conversion between insolvency procedures. For many such institutional issues, we have searched and thought out more effectiv ways to improve this procedure. In order to prevent individual debtors from showing an inclination toward individual bankruptcy and application for the exemption from responsibility, concealing their properties, and to increase the application of high valued individual rehabilitation procedure, the upgrade of this system and its operation is strongly required.