Largest Number in Individual Restoration
The number of applications for individual restoration in the Busan region reached the highest number in the country.
The individual restoration system means a person who has a regular income sincerely pays off his or her debts for five years and then the system writes off the rest of the person’s debt. In the Busan region, a total of 8,831 people applied for individual restoration to the Busan District Court last year.
This is an increase of 43 percent over 6,165 debtors in 2005. Accordingly, applicants in the region came in first place, whereas Busan was in fourth place in 2005.
By month, last September was the maximum, topping 850 cases, while the monthly average is 736.
The reason for the number of applications for personal restoration seems to be that personal will on preparing the ground to recover prior to bankruptcy is generally high.
Officials at the district court said, “Some special character is emergin, in that applicants for restoration have increased compared to applicants who file for personal bankruptcy in the Busan region. The circumstances are the work of private volition to repay some debt within the person’s ability, not deserting personal liabilities all at once without putting in any effort.”
Nevertheless, this numerical value is largely a result of the regional economic situation, which is currently slowing down in general.
Persons at the Busan regional lawyers’ society predict, “The condition of having more applicants for personal restoration in Busan, whereas Seoul has larger population and economy and has fewer cases, is a direct reflection of the current economic situation in the region, which is dying. Without any special measures in connection with activating the regional economy, this kind of trend will continue for some time.”
Nationally, there were 56,155 applicants last year for private restoration, an increase of 15.7 percent compared to 2005, numbering 48,541 debtors in the country.
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 / 입력시간: 2007. 01.30. 08:17
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