Construction Of Personal Bankruptcy Exemption System In China

The Internet economy is on the ascendant.As a new market subject,natural persons,whether consumers or producers and operators are more easily active in market economic activities,which leads to the rising debt ratio of Chinese residents.Under such a background,the bankruptcy risk of natural persons should be increased.The establishment of personal bankruptcy system is both a practical need and the aspiration of the people.However,due to the influence of traditional concepts,people often mistakenly believe that the personal bankruptcy exemption system will exempt the debtor from the repayment responsibility that should have belonged to the debtor,which will damage the interests of creditors.In fact,protecting the legitimate rights and interests of creditors is always the core of the personal bankruptcy exemption system.If we do not build a personal bankruptcy exemption system,those who carry huge debts will be oppressed by huge debts throughout their lives,which has actually had a great negative impact on the survival rights and interests of the debtor and his family.What is more,they will take risks to carry out illegal and criminal activities and intensify the intensification of social contradictions.Since 2018,local governments in China have successively explored the implementation of pilot work such as centralized processing of personal debts and personal bankruptcy.The focus of this paper is to demonstrate the legitimacy of introducing the personal bankruptcy exemption system,and then discuss the necessity and feasibility of implementing the personal bankruptcy exemption system nationwide.On the basis of confirming the necessity and feasibility,this paper combines the experience of foreign legislation,Zhejiang practice and the Shenzhen system Get the Enlightenment of specific construction,in order to put forward some useful suggestions for the establishment of personal bankruptcy exemption system in the whole country.