Construction Of Legal System Of Individual Bankruptcy Free Property

The Regulations on Personal Bankruptcy of Shenzhen Special Economic Zone was come into force in 2021.Compared with other pilot areas,the provisions on the identification of free property are more detailed.The addition of value restriction content also makes up for the defects of the previous pilot areas without identification procedures,so that the identification of free property is more detailed and comprehensive,and can better adapt to the requirements of changes in the case.However,from the content of the new regulations,the initial identification procedure of "exempt property"(referred to as "free property" in this paper)is still relatively simple,and cannot fully protect the rights and interests of relevant stakeholders.So,this article mainly aims at the free property system of our country to establish open discussion.In order to deeply study the free property system of personal bankruptcy,this paper first discusses the nature of the free property system,expounds its concept and discriminates the related legal concepts,focuses on the characteristics of the free property system,and analyzes its dual purpose,constitutive uncertainty and security limitation.This paper briefly explains the division rules of free property,and analyzes the value attributes of free property,including the protection of the debtor’s basic human rights,the consideration of the debtor’s interests and creditors’ interests,and the maintenance of social order.Secondly,by studying the present status of free property system,it analyzes the existing problems such as lack of guiding principle,single division way,imperfect determination procedure and lack of regulation of free property disposal.Thirdly,this paper compares and explores the free property system in the extraterritorial personal bankruptcy system,displays the free property system of the representative countries or regions of the common law system and the civil law system,and finally puts forward suggestions from four aspects: the principles upheld in the construction of free property system,the way of dividing free property,the construction of reasonable application recognition procedures and the construction of free property disposal norms.