On The Establishment Of China's Individual Bankruptcy System

The individual bankruptcy system is similar to corporate bankruptcy in certain aspects,but it also has its own distinctive characteristics.The most distinctive feature of the individual bankruptcy system is that it allows the natural person to apply for bankruptcy in the inability to pay off all the debts,and sets up the "ceiling" for the natural person who is unable to pay off all the debt.Natural person who has been declared bankrupt can participate in social activities including economic activities as a normal member,in spite of abandoning parts of rights.The paper firstly introduces the definition of the individual bankruptcy system.By combing the development context and historical evolution of the individual bankruptcy system,analyzing the process of the individual bankruptcy system in different historical stages and different countries.The third part discusses the inherent advantages of the individual bankruptcy system and the various problems exposed in China due to the lack of the individual bankruptcy system.The paper tries to demonstrate the necessity and urgency of the establishment of the individual bankruptcy system in China.These issues are looking forward to the individual bankruptcy system.In addition,the individual bankruptcy system is conducive to the establishment of the equal market subject status of legal persons and natural persons.Moreover,it balances the risks between the creditor and the debtor.The fourth part proposes the feasible path of establishing the individual bankruptcy system in China by combing the experience and lessons of the mature countries,drawing on the relevant successful legislative experience,and combing with China's traditional culture and social status.The exemption centered on the prevent of individual bankruptcy and being disclaimer after filing for bankruptcy.