Research On The Establishing Of Individual Bankruptcy System In China

As the origin of Bankruptcy System, the Individual Bankruptcy System is having developed over hundreds of years and having widely used today. However, our country’s current Bankruptcy System is not apply to individual, it’s unable to catch up with economic development obviously, and out of step with the prevailing international practice.The Individual Bankruptcy System, it’s not only able to make up for the shortage of the Civil Litigation System, balance the interests of the creditors and debtors, reflect principle of justice; but also able to promote our country’s macro-economy, reduce social disharmonious factors from debt dispute. Therefore, there is no doubt that the theory of Individual Bankruptcy System is rational and progressive. However, The reason of our country have not been able to establish the Individual Bankruptcy System, was the lawmakers and experts did not deem the conditions of society, economy and culture was allowed at that time.Nowadays, with the development of credit-economy and financial business, combined with the personal credit consulting system and the social security system refined, all kinds of the factors which to hinder the establishment of The Individual Bankruptcy System has disappeared. It is necessary to carry out the system design as soon as possible.