Research On Legislative Perfection Of Exempt Property In Personal Bankruptcy System

In the personal bankruptcy system,exempt property carries the important function of guaranteeing the debtor’s basic living needs after bankruptcy and stimulating future development.It is also a key link in determining whether the fair distribution of creditors can be achieved.Therefore,exempt property must be reasonably clarified and improved in legislation.At present,the exploration of personal bankruptcy system in my country has formed a parallel exploration mode of local legislation and local courts.Through the analysis of the current situation of exempt property regulations and judicial cases in various places,it is found that my country has basically reached a consensus on the establishment,construction and scope of exempt property.There are inconsistencies in the regulations,and the measurement standard of exempt property needs to be refined.The content of this paper is divided into six parts.The first chapter is the introduction,which mainly expounds the background and current situation of my country’s personal bankruptcy system,explores the theoretical and practical significance of constructing exempt property,and analyzes the research status at home and abroad.The second chapter mainly defines the basic concept and characteristics of exempt property,and clarifies its general scope and composition.As a specific property that is exempt from distribution and repayment,exempt property should have three characteristics: double influence,temporary limitation,and content difference.In terms of scope,it can be roughly divided into property that protects the basic life of the debtor and his family,and is beneficial to the debtor.There are three categories of property needed for development and property or property rights that are exclusive to the person of the debtor.The third chapter focuses on introducing the theoretical basis of exempt property and discusses the necessity of exempt property legislation in combination with my country’s national conditions.There are three main theories of exempt property: the debtor’s cooperation theory and the maximization of the creditor’s interests,the debt forgiveness and the humanitarianism theory,and the social utility and the pursuit of overall interests..For my country,exempt property is an important manifestation of protecting the human rights of debtors.The establishment of exempt property can also reduce the pressure of social assistance in our country,which is conducive to the increase of social and economic utility,and can also create a positive and secure market economic environment for individuals.The importance of perfecting its legislation cannot be overemphasized.The fourth chapter examines the current situation of my country’s exempt property legislation.In the parallel exploration mode,first of all,there are differences in the way of limiting the scope of exempt property in different places.Some use the method of value limit,and some use expressions such as "reasonable" and "necessary" to limit.Secondly,the measurement standard of exempt property is relatively general,which is not conducive to the accurate identification of exempt property.For example,in the identification of property that guarantees the basic living of debtors and their dependants in my country,there are two values: "minimum living guarantee standard" and "minimum wage standard" In addition,there is a lack of clear time measurement standards;in a modern society with rapid development of technology and the formation of multiple formats and new formats,the standards of professional tools also need to be improved;properties with major spiritual interests are not easy to identify.property,so it is also necessary to have clear metrics.Finally,there are disputes over whether some special specific properties can be included in free properties,such as the properties acquired by the debtor after entering the bankruptcy procedure,namely future income,pension,and life insurance,and the reasons for the disputes are explained in detail.The fifth chapter makes a legislative investigation of extraterritorial exempt property from the perspective of comparative law,including the way of identifying exempt property and the handling of special property.This article specifically divides the identification methods into three methods: only the overall quota limit,the combination of property types and quotas,and only the quota limit for specific types of exempt property,and makes an analysis of the three methods.Secondly,it introduces the different ways of dealing with special property outside the territory,in order to provide reference for our country.The sixth chapter is the key part of this paper.On the basis of drawing on the mature experience from outside the region,it improves the deficiencies according to local conditions and the actual situation of our country.First,it is clear from the macro-level legislative level that exempt property should follow the principles of relative clarity,appropriate protection,and flexibility,followed by specific legislative suggestions at the micro-level.First of all,exempt property should be centered on the value limit,and at the same time,“reasonable” and“necessary” general restrictions should be placed on special properties that are not suitable for value limit,but there should still be a general grasp of the value of exempt property.Secondly,in terms of measurement standards,the property that guarantees the basic living of the debtor and his dependants should be based on the "minimum wage" and "six months" as the value and time standards;for the identification of professional tools,the needs of the debtor’s own career development should be considered As well as the impact of scientific development on the occupational environment and occupational tools,the average level of the local industry is used as a reference standard,which is in line with the time characteristics of frequent use and the substantive characteristics of auxiliary tools.Substitutes are used as replacements;properties with significant spiritual interests can be comprehensively identified based on criteria such as time and the debtor’s behavior.Finally,regarding the handling of special property,future income should play an important role in motivating the debtor to start over and start capital in personal bankruptcy.For future income based on the debtor’s own labor,the property acquired by the debtor’s own labor should be learned from the compromise adopted by various countries.The practice incorporates a portion of labor income into the scope of exempt property.Pensions should be distinguished according to the situation.For pensions that have not yet met the requirements for receiving pensions,they should be included in free properties based on the consideration of the spirit of increasing social utility of exempt property and the actual national conditions of the current pension system in my country.pensions are used for debt repayment.For life insurance with cash value,a "redemption" mechanism can be introduced by learning from foreign experience to give a third party the opportunity to protect their own rights and interests,that is,a life insurance that provides a third party with property of the same value or guarantees for redemption can be used as a debtor exempt property.