Research On Individual Bankruptcy Exemption System

Individual bankruptcy exemption system is an important part of individual bankruptcy.It is also an important system to protect honest debaters during the bankruptcy procedure.It is at the center of individual bankruptcy procedure.This system was first found in the United Kingdom of Britain,and was accepted by most countries around the world.For different reasons,China still did not set up this system.With the rapid development of the market economy,more and more individuals have entered into the market.The existing legislations could not handle the disputes between creditors and debtors any more.More and more scholars are appealing to set up our own bankruptcy exemption system.On the basis of summarizing the previous researches,this article compares the legislation of other countries and tried to put forward some suggestions on establishing individual bankruptcy exemption system in China.Chapter one outlines the individual bankruptcy exemption system,including the concept of bankruptcy exemption,historical origins and theoretical value.This chapter gives us a macro understanding of this system.Chapter two analyzed how to use current laws to solve some problems,such as the execution of the contract of mortgage loans after the earthquake in 2008.We cannot use force majeure or the principle of the changed circumstance to solve these problems radically.That is why individual bankruptcy exemption system is necessary.Chapter three mainly introduced the legal examples of the United States,Britain,Japan and Germany.By comparing the legislative models and specific legislations of these countries,we tried to find out which model we can referent to.The final chapter analyzed and evaluates the draft of the bankruptcy law which was submitted to the National People's Congress for review in 2004.After referring to foreign legal examples,we tried to give some suggestions to establish our own individual bankruptcy exemption system.