Eligibility for Personal Rehabilitation: Know This Before You Start!

Due to the long-term economic downturn, household debt has increased, and many people are looking into personal rehabilitation. By paying a certain amount over 3 to 5 years, up to 90% of the debt can be forgiven. Therefore, debtors interested in personal rehabilitation will want to know if they meet the eligibility requirements for applying.

Let’s review the eligibility criteria to see if you are eligible for personal rehabilitation.

First, there must be continuous income.

When applying for personal rehabilitation, debtors must pay a fixed monthly amount, so consistent income or the expectation of income is necessary. There are no restrictions on the type of job, so individuals working in office positions, part-time jobs, irregular employment, temporary work, or as self-employed can apply for personal rehabilitation, as long as they can prove their income.

Second, the income must be above the minimum living expenses.

The monthly repayment amount is calculated by subtracting the minimum living expenses from the total income, so it is necessary to have income above the minimum living expenses.

Third, debt must exceed assets.

Personal rehabilitation can only be applied for if the total debt is greater than the assets owned, such as cars, insurance, savings, subscription rights, and real estate. If assets exceed debt, the court will likely determine that the individual has sufficient means to repay the debt, making it difficult to proceed with personal rehabilitation. Additionally, the debt must be over 10 million KRW for unsecured debt and less than 1 billion KRW for secured debt.

Fourth, for reapplying for personal rehabilitation, 5 years must have passed since the previous personal rehabilitation or bankruptcy discharge.

If you mistakenly reapply without knowing the required time has passed, the application will be rejected. To avoid this mistake, it is helpful to know the case number of the previous personal rehabilitation case. Knowing the case number allows the law office to check the case and accurately calculate the required period.

The eligibility requirements for personal rehabilitation may seem straightforward compared to the benefits it offers. However, judging your eligibility on your own may lead to errors, and insufficient documentation can result in the rejection or cancellation of your personal rehabilitation application. Restarting the process can be difficult and time-consuming, so it is crucial to carefully review your eligibility with a bankruptcy attorney from the outset.

Bucheon Personal Rehabilitation Lawyer

무료 법률 상담

끝없는 빚의 터널 속에서도 빛은 있습니다. 개인회생과 파산은 절망이 아닌 희망의 과정입니다. 변호사는 당신의 곁에서 그 길을 열고, 당신이 다시 서도록 돕는 이정표가 되어줄 것입니다.

어디에서든 실력은 동일할지라도, 고객의 목소리에 귀 기울이고 끝까지 함께하는 것이 진정한 차이를 만듭니다. 결국, 변호사의 진정한 능력은 얼마나 마음을 다해 고객의 문제를 해결하려고 하느냐에 달려 있습니다.

무료 법률 상담

형사 전문 변호사

criminallawyer.co.kr

형사 전문 변호사는 형사 사건에 특화된 법률 정보를 제공하며, 체계적이고 알기 쉬운 설명으로 복잡한 형사 절차를 이해하는 데 도움을 줍니다. 주요 범죄 유형별로 사례와 법률적 대응 방안을 다루며, 구체적이고 현실적인 조언을 통해 신뢰할 수 있는 정보를 제공합니다.

Go To Website

무료법률상담 전문 변호사

lawis.tistory.com

무료법률상담 전문 변호사 블로그는 개인회생, 파산, 이혼, 형사 소송 등 실생활과 밀접한 다양한 법률 정보를 다루는 블로그입니다. 특히, 복잡한 법률적 개념과 절차를 알기 쉽게 풀어낸 체계적이고 상세한 내용이 특징입니다. 더불어, 실제 사례를 기반으로 한 구체적인 조언도 함께 제공하여 이해를 돕고 있습니다.

Go To Website