Personal rehabilitation and bankruptcy
The personal rehabilitation system is a procedure designed to mediate legal relations between personal debtors and stakeholders who experience financial difficulties but are likely to earn income continuously or repeatedly. Individuals with 500 million KRW in unsecured debts and 1 billion KRW or less in secured debts are eligible for personal rehabilitation. When a debtor who is likely to earn income continuously or repeatedly repays their debts for a given period, the debtor is exempted from the remaining debts.
Bankruptcy is a judicial procedure designed to repay the creditors with all the assets of a debtor when the debts exceed the debtor's assets or where they are unable to repay the debts continuously in the future.
The purpose of this law is the fair protection of creditors' interests through the bankruptcy and rehabilitation procedures while the debtor is provided a foundation for a new start. Anyone can experience unexpected difficulties while living as an entity of economic activity. VEAT Law Firm helps individuals and corporations to take a leap forward again by providing accurate, viable legal information and services to those facing economic and financial difficulties.
- Preparation of documents including personal rehabilitation application
- Legal counsel on preparation of the personal rehabilitation application