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The non-discrimination clause and credit counseling : What elements of U.S. personal bankruptcy system should be introduced to Korea?

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  • The non-discrimination clause and credit counseling
  • Moon, Yousuk
  • Seoul National University(BK 21 Law)


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Title The non-discrimination clause and credit counseling
Similar Titles
Sub Title

What elements of U.S. personal bankruptcy system should be introduced to Korea?

Material Type Articles
Author(English)

Moon, Yousuk

Publisher

[Seoul]:Seoul National University(BK 21 Law)

Date 2007
Journal Title; Vol./Issue Journal of Korean Law:vol. 7(no. 2)
Pages 27
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

The first case of personal bankruptcy was filed in 1997 in Korea. Due to the Asian economic crisis, the number of filings has drastically increased, reaching 154,000 in 2007. However, the increase in number does not necessarily mean that the lives of debtors have improved. What is more important is how we can help debtors to make a fresh start. Now we should focus on the Post-bankruptcy and Pre-bankruptcy systems. Learning from the experiences of U.S. will be very helpful for this. In fact, some experts in Korea are deeply interested in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and some of them are arguing that Korea should import new elements of it. In this respect, this paper will deal with what elements of the U.S. personal bankruptcy system should or should not be introduced to Korea. (The rest omitted)