The Beginning of Debt Reduction: Let's Learn About the Benefits of Personal Rehabilitation
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In the first quarter of 2019, the number of debtors who applied for personal rehabilitation in court reached a staggering 24,000. This was an 11.5% increase compared to the previous year, and since 2017, the number of applicants for personal rehabilitation has steadily risen.
Personal rehabilitation is a system that allows debtors to have their debt reduced by paying only a portion of it. It has become a popular option for those struggling to repay debts due to economic downturns and slowed economic growth.
To successfully navigate the personal rehabilitation process, it is important to understand the advantages of this system. Here are the benefits of personal rehabilitation.
1. Can be pursued without the creditors' consent
Personal rehabilitation can be pursued without prior consent from creditors or guarantors. Therefore, even debtors with significant debt can apply easily, provided they meet the eligibility requirements.
2. Debts of all types can be reduced
All types of debt, including general debts, private loans, guaranteed debts, credit card debt, and mobile phone bills, can be included in the rehabilitation process. Even personal creditors are included in the list, and repayment amounts will be adjusted accordingly. Through personal rehabilitation, up to 90% of principal debt and 100% of interest can be forgiven.
3. Available to all employment types
Personal rehabilitation can be applied for by anyone with a stable income, regardless of their employment status—whether regular, part-time, or freelance. It is available not only to salaried workers but also to business owners and self-employed individuals.
4. Suspension of debt collection activities
When the court issues a mandatory suspension order, all debt collection activities by creditors are halted. This includes legal actions such as garnishment, seizure, and harassment by creditors, which are legally prohibited.
5. Maintain current employment during the process
Debtors in professions such as government officials, doctors, soldiers, and teachers can proceed with the process while maintaining their professional status. Similarly, individuals employed in private companies can continue working without disclosing their personal rehabilitation proceedings to their employer.
6. Credit recovery
Even individuals with poor credit can apply for personal rehabilitation. After the discharge decision is made, public records related to debt collection and bad credit are erased, and the credit rating improves to a level between 6 and 7.
7. Asset preservation
Unlike personal bankruptcy, personal rehabilitation allows the debtor to retain their assets during the process. Furthermore, after receiving the approval decision, the debtor can freely accumulate assets.
While personal rehabilitation has many advantages, it also has some downsides. During the discharge period after the approval decision, some credit transactions may be restricted. The process is also complex, requiring many documents and potentially taking longer than expected. However, with the support of a professional legal office, these inconveniences can be easily managed.
If you are suffering from excessive debt, personal rehabilitation, with its numerous benefits, is the right choice.
Bucheon Personal Rehabilitation Lawyer 개인회생 상담 신청
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