Research On Legal Issues Of Personal Bankruptcy Exemption

Modern bankruptcy law is no longer as obsessed with protecting the interests of creditors through harsh compulsory debt collection as the bankruptcy system in the "Twelve Tables Law",but has turned to pay more attention to the economic recovery of individual debtors.The personal bankruptcy exemption discussed in this paper,as a link to make the bankruptcy debtor’s liability truly exempt,is called the core of the personal bankruptcy system.Although the pilot work of accumulating experience for the unified construction of our country’s personal bankruptcy system is "blooming everywhere",debtors who are struggling in the "economic quagmire" are also expected to achieve economic recovery through bankruptcy exemption in the future,but from the discussion of scholars and experience from pilot areas,the following problems have arisen in our country’s theoretical cognition and practical exploration of personal bankruptcy exemption:First,due to the "imported product" status of this system,our country’s academic and practical circles have not yet reached a consensus on the subject of its application.Second,due to the negative evaluation of business failures and debt obligations in traditional society in our country,the public is still deeply skeptical about the rationality of personal bankruptcy exemption.Third,since the "construction of a personal bankruptcy system" was proposed in our country,the debate on the chain of adverse reactions that may be triggered by the exemption of personal bankruptcy has never subsided.Whether it is the moral hazard that has already appeared in the pilot areas,or the expected decline in market efficiency,they are all used as important arguments against bankruptcy exemption,and extraterritorial experience also proves that scholars’ worries are not too much.It is not a good idea to give up food because of choking,but if the personal bankruptcy exemption system is to be truly localized in our country in the future,how should our country absorb foreign experience on the basis of the results of the pilot stage to avoid many adverse consequences?Therefore,the structure of this paper is arranged as follows:The first part analyzes the important basic concepts of personal bankruptcy exemption,and also discusses the rationality of personal bankruptcy exemption from multiple perspectives,thus laying the foundation for the following specific analysis.In addition,this part also sorts out the academic discussion on the main negative function of this system,The second part,combined with the previous part’s discussion on negative functions,compares and analyzes the institutional design usually adopted outside the territory,in order to provide reference for our country.The third part integrates the achievements of our country’s current pilot stage,and compares it with the previous foreign experience to find out the deficiencies.On this basis,the last part of this paper tries to put forward suggestions on the specific construction and supporting rules of the personal bankruptcy exemption system in our country in the future.