Eligibility for Personal Rehabilitation: Start by Understanding This!
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With the prolonged economic downturn, household debt has increased, leading many people to explore personal rehabilitation. Since paying a fixed amount for 3 to 5 years can reduce up to 90% of debt, debtors interested in personal rehabilitation will want to check if they meet the eligibility requirements for applying.
Let's review the eligibility requirements together to see if you can take advantage of the personal rehabilitation system.
1. Consistent Income is Required
Since personal rehabilitation requires monthly repayments, you must have a steady income or the expectation of future income. However, there are no restrictions on the type of employment, so you can apply even if you're in part-time, temporary, freelance work, or self-employed, as long as you can prove your income.
2. Income Must Be Above the Minimum Living Standard
The amount you must pay each month is calculated by subtracting the minimum living expenses from your income, so you must earn at least the minimum living standard to be eligible for personal rehabilitation.
3. Debt Must Exceed Assets
To apply for personal rehabilitation, your debts must exceed your assets, such as a car, insurance, savings, housing subscriptions, and real estate. If your assets exceed your debts, the court may determine that you have the ability to repay the debts, making personal rehabilitation difficult. Additionally, your debt must be over 10 million won, with secured debt limited to 1 billion won and unsecured debt capped at 500 million won.
4. Five Years Must Have Passed for Reapplying After Personal Rehabilitation or Bankruptcy Discharge
If you attempt to reapply for personal rehabilitation or bankruptcy discharge before five years have passed from your previous case, your application will be dismissed. To avoid this mistake, it is advisable to know your previous case number, which will help legal offices check the exact period easily.
The eligibility requirements for personal rehabilitation may seem straightforward compared to the benefits it offers. However, self-assessment can lead to errors, which may result in the rejection or termination of the process due to insufficient documentation. Restarting the process afterward can be relatively difficult and cumbersome. Therefore, it's essential to carefully review your eligibility with a bankruptcy attorney from the start.
Bucheon Personal Rehabilitation Lawyer 개인회생 상담 신청
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