개인회생 신청자격 및 방법, 비용, 절차 총정리 Personal Loan Application Qualifications, Methods, Costs, and Procedures

Did you know that the government can repay large amounts of debt that you cannot repay on your own due to unstable economic conditions? Personal rehabilitation was implemented in 2004, allowing creditors to receive money in a stable manner and debtors to continue their debt activities with continuous income as well as a minimum living through debt forgiveness. I hope this article can be a solution and be of some help to those who are having financial difficulties.

개인회생 신청자격

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View personal rehabilitation application qualification documents

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Personal rehabilitation procedure
Personal rehabilitation application qualifications
Continuous income above a certain amount
debt limit
property
5 years after discharge
Personal rehabilitation preparation documents
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Personal rehabilitation procedure

Since the debtor’s interest is 100% exempted and up to 90% of the principal can be written off, the process is also scrutinized in detail. In order to proceed with personal rehabilitation, you must file an application with the court and receive a approval decision. Please refer to the following for detailed procedures.

▶ Application – Submit a plan on how to repay in the future

▶ Appointment of personal rehabilitation committee member

▶ Order to stop preservation measures, comprehensive prohibition order – Prohibits various seizures and duress actions imposed on the debtor

▶ Decision to commence

▶ Period of claim objection

▶ Creditors’ meeting – Time for creditors to raise objections and meet

▶ Approval of repayment account – At this time, bad credit registration is canceled

▶ Implementation of repayment plan – Actually repaying the money.

▶ Exemption – Exemption if you repay consistently for 3 to 5 years

Check the personal rehabilitation process

View personal rehabilitation application qualification documents
View personal rehabilitation application qualification documents
View personal rehabilitation application qualification documents
View personal rehabilitation application qualification documents

Personal rehabilitation application qualifications

Not everyone can apply for personal rehabilitation, as a thorough and systematic repayment plan is established, the debtor is protected from creditors due to bad credit, various seizures and duress, and the opportunity for repayment is provided while guaranteeing the minimum standard of living. It would be a good idea to refer to the four qualifications for applying for personal rehabilitation below.

Go to personal recovery self-diagnosis

Continuous income above a certain amount

▶ Receive personal rehabilitation approval decision and pay repayments for at least 3 years

▶ The court determines the repayment amount by comprehensively considering the cause and circumstances of the applicant’s debt.

▶ Reimbursement = constant income – minimum living expenses – additional living expenses

▶ This is because it is judged that the applicant for personal rehabilitation can afford to repay the repayment only if his/her income exceeds the minimum cost of living.

Number of households Minimum cost of living
One-person household 1,337,067 won
Two-person household 2,209,656 won
3-person household 2,828,794 won
4-person household 3,437,948 won
5-person household 4,017,441 won
6-person household 4,571,021 won

debt limit

▶ Debt is divided into two types

● Unsecured debt: mainly related to credit loans, communication fees, taxes, card payments, etc.)

● Collateral debt: Real estate-related, such as houses, apartments, land, buildings, etc.

▶ Secured debt must be less than 1 billion won, and secured debt must be less than 1.5 billion won to apply. If it exceeds this amount, you can apply for general rehabilitation or personal bankruptcy.

Go to Free Debt Adjustment Diagnosis

property

▶ Your debt must be greater than the total assets you own.

▶ If total assets are greater than total debt, it is believed that the problem can be solved by selling the assets to repay the debt.

▶ If your debts are greater than your assets, you can apply for personal rehabilitation and proceed without disposing of your assets. In other words, if your property has potential, you can protect it rather than dispose of it.

5 years after discharge

▶ You cannot apply for personal rehabilitation again within 5 years. However, re-application is possible only after 5 years have passed since the exemption decision was made.

Personal rehabilitation preparation documents

▶ Personal documents: copy of birth certificate, copy of ID card, family relationship certificate, etc.

▶ Property documents: Real estate price confirmation, insurance policy, lease agreement, etc.

▶ Documents for office workers: proof of employment, salary slip, etc.

▶ Business documents: business registration certificate, comprehensive income tax final report, etc.

▶ Other documents: hospital medical certificate, loan certificate, etc.

▶ The required documents may vary depending on individual circumstances, so it is recommended to consult with a professional attorney.