The Personal Bankruptcy

Personal bankruptcy system is to bring natural person into the category of bankruptcysubject; it is the legal system in which when the natural person, as a debtor, cannotpay off the matured debt, he will be declared to be bankrupt by the authorized organ,in order to pay off debt of the creditor justly and reasonably. Personal bankruptcysystem is the origin of bankruptcy legal system. However, since the existingbankruptcy law in China can only be applied to corporate organizations likeenterprises, such legislation mode cannot meet the demand of current socialdevelopment, and is also inconsistent with the general international conventions. Thisdissertation is established in the objective reality of China’s socialist market economy,starts from the new bankruptcy legislation idea, refers to the mature legislationexperience of foreign countries, and applies the methods of comparative analysis andhistorical investigation to make a study on the feasibility of building natural personbankruptcy system in China, and provide a basic conception of natural personbankruptcy system. Contents of this dissertation include:Part one mainly conducts a historical investigation for personal bankruptcy system.The author applies the method of historical research to introduce the legislation idea,legislation mode and the development situation of personal bankruptcy at differentperiods in a time sequence. Finally, it gains the historical trend of legislation ideadevelopment of bankruptcy ability by using the method of induction: develop intogeneral bankruptcy from merchant bankruptcy, and develop into the mode ofprotecting the interest of the party justly in the bankruptcy proceedings as well asgiving consideration to social benefit from the simple creditor protection mode. Part two mainly considers the feasibility of constructing personal bankruptcy systemin China. What needs to be solved is the necessity and feasibility of establishingpersonal bankruptcy system in China. In the system function, personal bankruptcysystem has functions which debt distribution system does not have such asreconstruction, prevention and justice; in terms of subject application, expansion ofChina’s credit scale has formed practical demands for personal bankruptcy system; ininternational conventions, construction of China’s personal bankruptcy system isunder a theoretical background of international universality; as for practical problemsolving, personal bankruptcy system can effectively revise some specific problems inChina’s legal system; while China’s credit system has a benign interactive relationwith personal bankruptcy system. Construction of personal bankruptcy system inChina is equipped with the basic conditions.Part three mainly constructs the proceeding structure of China’s personal bankruptcysystem. By referring to the proceeding structure of foreign personal bankruptcy, itsystemizes several proceedings which are appropriate for China’s personal bankruptcyas well as relation among the proceedings, and provides reference for constructing theproceeding structure of China’s personal bankruptcy system.Part four mainly introduces the special systems in personal bankruptcy. It centers on3special systems of personal bankruptcy: free property system, exemption system, lossof right&recovery of right system, and provides a preliminary assumption forconstruction of relevant systems in China.