On The Debtor' Property Of The Individual Bankruptcy System

Our country is on her way to the biggest revolution. Obviously, she had sustainedthe multiple pressures which are caused by the problems produced from politics,economics, and society. Since the road is not so easy, and is twisted, the troubloustime is on. To construct a real bankruptcy system-includes the individualbankruptcy-is the only choice. Firstly, individual debt crisis became more and moreheavy; a great number of individuals can not sustain their normal lives. Secondly,given a passing thought to the history, one would admit that individual bankruptcywas the original model of the bankruptcy. And insolvency was the real branch. To anindividual, bankruptcy law would give her an umbrella when she suffered anunsustainable accident. Law of bankruptcy can solve the debt problem by systematicarrangement. Surely, the number of consumer debtors is growing. Nevertheless, itwould be a right choice to establish a real individual bankruptcy law.Here we agree that individual should be narrowed by the meanings of naturalperson. But the concept of individual would be more neutral. And the directtranslation from British bankruptcy law made it more reasonable to share the culturalof the Anglo-American law system. So even may be default in the exact conception,here we take it.In the beginning, the early bankruptcy law worked for the creditors by makingthe debtor pay fairly. A blanket payment is still the purpose of today's bankruptcy law.Considering from the social function, individual bankruptcy law play an importantrole as equal as the insurance law, to apportion cost. In the system of the bankruptcylaw, the debtor's property is the core concept. Without this concept, the individualbankruptcy law can hardly become true.In the procedural of the individual bankruptcy law, according to the specialarrangement of our bankruptcy law, the concept of the debtor's property headed theprocess. Then the property of the estate can show its value. The status of the propertyof the estate plays a valuable role in the system of the bankruptcy law. But the difference between the concept of the debtor's property and the property of the estateis not so important.The first importance of the system is the finding of the things which can berecognized as the debtor' property. The key to the bankruptcy procedure is to makesure that what and how much the debtor may have. Then we should try our best tocollect and liquidate the debtor's assets.The tenancy in common should be partitioned when one of the partners is in mudof the bankruptcy. The basis of co-ownership may have influence to the portioning.Except for the exemption, the last is the real property of the estate. This part iswhat the creditors really want. But the exemption itself should be carefully designed,because a great number of the debtors may count on it, especially in such a society.