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회생파산 드루와 홍인섭변호사

회생파산 드루와 홍인섭변호사

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When a debtor files for personal bankruptcy discharge,
the court determines that the debtor is insolvent, or in other words, is in a state of indebtedness that renders payment impossible. The court then declares the debtor bankrupt.

Insolvency refers to a state of indebtedness where the debtor is unable to pay.
If the court determines that the debtor is in a state of indebtedness where the debtor is unable to pay, it declares the debtor bankrupt.

Declaring bankruptcy signifies the commencement of formal bankruptcy proceedings.

Once this bankruptcy declaration is issued, important consequences follow.
First, once the court has issued a declaration of personal bankruptcy,
the debtor can no longer withdraw the bankruptcy application. This is very important. Second, when a court declares personal bankruptcy,

the debtor may freely own, manage, and dispose of three assets: ① assets prohibited from seizure, ② exempted assets, and ③ newly acquired assets after the bankruptcy declaration.

However, the remaining assets constitute the bankruptcy estate, which the debtor cannot manage or dispose of.

Third, the court appoints a bankruptcy trustee along with the bankruptcy declaration.

For more information, please watch the video.

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When facing difficulties, you can utilize the rehabilitation and bankruptcy system to create an opportunity for financial recovery. Overcoming difficulties and resuming active economic activity will make our society healthier and safer. Rehabilitation and bankruptcy originated in developed countries and are increasingly utilized in developed countries. Rehabilitation and bankruptcy are systems stipulated in the Debtor Rehabilitation and Bankruptcy Act.

Attorney Hong In-seop's Profile
Member Attorney, Taeseung Law Firm
Bankruptcy Specialist
Bankruptcy Trustee, etc.
Major Publications: Corporate Rehabilitation Theory and Practice (Volumes 1 and 2) (Law Publishing)

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