Research On The Establishment Of Personal Bankruptcy System In China

With the establishment and improvement of Chinese market economic system,Chinese economy develops rapidly,the market vitality is increasing.At the same time,China's personal consumption,instead of exports and investment,has become a new engine to drive economic growth.In the new development stage,Chinese consumer credit market is showing amazing potentials."Advanced consumption,make ends meet" has become the mainstream consumption model.People pursuit high-quality material life at the same time owe a large number of debts.Advanced consumption also makes more and more natural people unknowingly into the predicament of insolvency.In addition,partnership,sole proprietorship and other economic entities with unlimited liability due to market risk,improper operation and other reasons get to insolvency.Thus the phenomena of bankruptcy are endless.As an economic entity investors also inevitably bear a burden of huge debts because of improper investment.Chinese current bankruptcy law only recognizes that legal persons can be the subject of bankruptcy,excluding individuals as well as economic entities that bear unlimited liability.However,with the increasing phenomenon of personal bankruptcy in our country,if we do not include individuals in the scope of bankruptcy,so that people can be reborn through the individual bankruptcy system.There will breed a series of social problems,and then affect social stability,which is not conducive to the long-term development of our country.Only by establishing individual bankruptcy system can we solve those hidden dangers and maintain the steady development of society.This paper studies the relevant literature of individual bankruptcy system,and draws on the individual bankruptcy legislation of foreign countries to explore the model of individual bankruptcy legislation suitable for Chinese national conditions.Through detailed investigation,this paper expounds the origin and development of individual bankruptcy system,probes into the necessity of individual bankruptcy system by analyzing the demand of market economy,legal system and international integration,and analyzes the feasibility of establishing individual bankruptcy system by studying the construction degree of personal property registration system,credit system and social security system.From the commencement conditions of individual insolvency proceedings,that is,subject qualification,bankruptcy subject matter andjurisdiction,to the initiation and termination of individual insolvency proceedings,and the establishment of summary insolvency proceedings,this paper designs the individual bankruptcy proceedings in our country.Finally,from the free property system,the bankruptcy exemption system and the system of the restoration of the right of bankruptcy loss,this paper has put forward some suggestions on the establishment of the system of individual bankruptcy entity in our country.