We will introduce you to the qualifications for applying for personal rehabilitation. We hope that you will be able to get rid of the difficult times caused by the burden of debt and the pressure of light by looking at the information below.
People who cannot repay their debt often utilize the personal rehabilitation system as a mechanism for the government to help with the suffering caused by personal debt.
First, please check the address below because you can check the personal rehabilitation application eligibility operated by the government for free.
Go to free personal rehabilitation inquiry
Additionally, if you are wondering whether or not to pursue personal rehabilitation in your current debt (light) situation, or would like to consult about light, I highly recommend that you consult with personal rehabilitation counseling operated by the government.
View the National Personal Rehabilitation Free Counseling Center
If you are a person who can faithfully pay by utilizing the personal rehabilitation system, this system may actually be an opportunity, so if you are having trouble with your debt, please actively look into it.
Now, let’s look at the qualifications for applying for personal rehabilitation.
– index –
1. Introduction to personal rehabilitation system
2. 3 qualifications for applying for personal rehabilitation
3. Advantages of proceeding with personal rehabilitation
4. Where to submit personal rehabilitation application form and cost
5. How to fill out the personal rehabilitation application form and form
Introduction to personal rehabilitation application qualifications
Introduction to personal rehabilitation application qualifications
1. Introduction to personal rehabilitation system
It is a system that allows an individual to faithfully pay the amount he or she owes in full within 3 to 5 years as determined by the court and have the remaining amount forgiven.
This is a system in which an individual (debtor) can be discharged from the remaining debt if he or she faithfully pays the principal based on that income under the condition of having a certain monthly income in the future.
Anyone can apply for the personal rehabilitation system, even if the debt is difficult for the individual to handle, and it will proceed only if it meets the conditions set by the country.
2. 3 qualifications for applying for personal rehabilitation
① Monthly income
② Minimum cost of living
③ Court limit
First, if an individual uses the personal rehabilitation system, he or she must have monthly income to pay the money ordered by the court.
Second, monthly income must be higher than the minimum cost of living set by the country.
Third, the individual’s light must be less than the total limit set by the court.
Let’s take a closer look at the three conditions for applying for personal rehabilitation.
1) Monthly income
What is income recognized by the court?
When the court looks at an individual, it checks whether the monthly income can be maintained during the process of personal rehabilitation.
Some jobs, such as part-time jobs or simple daily jobs, are irrelevant, but the important point is to see whether monthly income comes in consistently.
Monthly income is also included in pensions such as basic pension and national pension.
Introduction to Minimum Cost of Living
2) Minimum cost of living
Your monthly income must be higher than the minimum cost of living.
When looking at personal rehabilitation qualifications, the court determines how much of the remaining money can be repaid each month, excluding living expenses that can be maintained to a minimum.
Minimum cost of living standard for 2023
Median income based on number of households: 60%
Single-person households 1,246,735
Two-person household 2,073,693
3-person household 2,660,890
Four-person household 3,240,578
Five-person household 3,798,413
6-person household 4,336,789
3) Court limits
The individual’s light must be less than the limit set by the court.
The court’s total limit is 1 billion won without collateral, and 1.5 billion won if collateral is held.
If the amount is less than the above amount, you are eligible to apply for personal rehabilitation.
property you own
4) Other – property you own
Considering the total amount of all assets held, including cash, real estate, vehicles, insurance, stocks, and pensions,
It must be less than the total amount owed to the court each month for three to five years.
Total amount of personal assets < Total amount to be repaid each month
When applying for personal rehabilitation, if the assets you own are more than the total amount to be repaid each month, you are excluded from the personal rehabilitation procedure.
Advantages of proceeding with personal rehabilitation
3. Advantages of proceeding with personal rehabilitation
If you are eligible to apply for personal rehabilitation, you will not have to undergo debt collection or compulsory execution, and you will be exempt from principal and interest.
The personal rehabilitation system has the role of helping individuals escape from heavy burdens, so if you have a lot of personal burdens and it has become difficult to handle them, you need to use the personal rehabilitation system.
Some people feel like they are failing in life when they go through the personal rehabilitation process. That’s not the case at all; there are many people who have actually benefited from this system.
4. Where to submit personal rehabilitation application form and cost
If you are eligible to apply for personal rehabilitation, let’s find out where to submit the application and the cost.
1) Where to submit an application
The application for personal rehabilitation must be submitted to the main office of the local court located in the person’s address.
For example, if your address is registered in Bucheon City, you can give it to the Bucheon Branch of the Incheon District Court. Please note that the addresses of courts across the country are listed below.
※ Information on the National Rehabilitation (Local) Court Headquarters (Branch)
Seoul Rehabilitation Court (06594) 157 Seochojungang-ro, Seocho-gu, Seoul
Uijeongbu District Court (11616) 23 Nogyang-ro 34beon-gil, Uijeongbu-si, Gyeonggi-do
Incheon District Court (22220) 17, Soseong-ro 163beon-gil, Michuhol-gu, Incheon Metropolitan City
Suwon District Court (16512) 105 Beopjo-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do
Chuncheon District Court (24342) 284 Gongji-ro, Chuncheon-si, Ganggwon-do
Gangneung Branch (25463) 3288-18, Donghae-daero, Gangneung-si, Gangwon-do
Daejeon District Court (35237) 45, Dunsanjung-ro 78beon-gil, Seo-gu, Daejeon
Cheongju District Court (28624) 51 Sannam-ro 62beon-gil, Seowon-gu, Cheongju-si, Chungcheongbuk-do
Daegu District Court (42027) 364 Dongdaegu-ro, Suseong-gu, Daegu Metropolitan City
Busan District Court (47510) 31 Beopwon-ro, Yeonje-gu, Busan
Ulsan District Court (44643) 55 Beop-daero, Nam-gu, Ulsan
Changwon District Court (51456) 681 Changi-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do
Gwangju District Court (61441) 7-12, Junbeop-ro, Dong-gu, Gwangju
Jeonju District Court (54867) 33 Gain-ro, Deokjin-gu, Jeonju-si, Jeollabuk-do
Jeju District Court (63223) 3 Namgwangbuk 5-gil, Jeju-si, Jeju-do
2) Cost
– 30,000 won government revenue stamp
– Delivery fee
. One-time delivery fee 5,200 won
. Basic delivery fee: 52,000 won for 10 servings
. Creditor
For example, if the number of creditors is 5: 5x8x5,200 = 208,000 + basic delivery fee of 52,000 won = total 260,000 won.
Instructions on how to fill out a personal rehabilitation application and form
5. How to fill out the personal rehabilitation application form and form
Now that you are eligible to apply for personal rehabilitation, we will explain where to download the application form and how to fill it out.
There are lawyers who help with personal rehabilitation, and the cost is usually around 2 million won.
It is not an easy decision for a person suffering from debt to apply for personal rehabilitation while paying attorney’s fees when every penny is precious.
Please take the time to read the information below, and if you think you can fill out a personal rehabilitation application, give it a try.
Please download the personal rehabilitation debt form below.
Download Personal Rehabilitation Application Form View Now
There are 6 types of documents for the personal rehabilitation application, and there are documents that must be attached to each document, so please read the information below carefully.
1) Application for disclosure
The first application to be filled out is the disclosure application, which contains the applicant’s personal information.
– name
– resident registration number
– address
– Purpose and cause of application
– Debtor’s assets and liabilities
– Debtor’s contact information
In ‘Purpose and Reason for Application’, check your income type to see if you are a salaried income earner or business income earner.
If the repayment plan (explained below) is not approved, indicate the bank from which the money deposited by the personal rehabilitation committee member will be returned.
The above information must be accurately entered and the corresponding attached documents are as follows.
– ID card
– Copy of deposit account
List of personal rehabilitation creditors
2) List of individual rehabilitation creditors
This is a document that lists where I borrowed money (people around me, banks, credit card companies, etc.) and the amount borrowed.
– Name of creditor
– Current amount of bond (principal and interest)
– Chaewon occurrence date and cause
Please write down the three details above accurately.
If it is not entered, a creditor (the person who lent the money or a bank) may raise an objection, and the creditor’s money that the applicant did not know or deliberately withheld will not disappear.
Creditors who are not on the list can force execution on the applicant’s assets, which could lead to the abolition of the personal rehabilitation procedure.
The required attached documents for this are as follows.
– Debt certificate
– Judgment
– Best Book
– Reminders, etc.
property list
3) Property list
This is a document that records the applicant’s property list in detail.
Find out the status of your assets and write down the total amount of assets in the document, and if you have collateral, write down the actual value.
The attached documents for this are as follows.
– Deposit: Copy of bankbook recording deposits and withdrawals for 6 months
– Insurance: Confirmation of insurance surrender value, copy of insurance policy
– Vehicle: Vehicle registration book and market price certificate
– Rental deposit: Lease agreement
– Real estate: Property tax certificate, copy of real estate register
– Loan receivable: Data confirming the current loan balance
– Accounts receivable: Data on the current balance of sales figures at the business site
– Expected severance pay: Confirmation of company expected severance pay
– Seizure: Copy of decision when there is provisional seizure
List of Income and Expenses
4) List of income and expenses
This is information to help you create a monthly repayment plan by understanding the applicant’s current income, expenses, and family.
The attached documents for this are as follows.
– Current import list
– List of expected expenses when implementing the repayment plan
– Family relationship: Resident registration copy
Statement Description
5) Statement
This is a document that states the reasons why the applicant has no choice but to apply for personal rehabilitation.
Write down in detail the applicant’s current debt-related living situation, including his or her job, career, income, living environment, and debt situation.
The attached documents for this are as follows.
– Residence status: Current residence, such as a copy of the housing register, lease agreement, etc.
– Copy of decision on seizure or provisional seizure
– Utility bill payment status
repayment plan