Individuals can also file for bankruptcy from March next year, what are the specific requirements?

The Shenzhen Special Economic Zone Personal Bankruptcy Regulations stipulate that:

Article 1 These Regulations are formulated on the basis of the basic principles of laws and administrative regulations, and in light of the actual conditions of the Shenzhen Special Economic Zone, so as to standardize personal bankruptcy procedures, reasonably adjust the rights and obligations of debtors, creditors and other interested parties, promote the economic regeneration of creditworthy debtors, and improve the socialist market economic system.

Article 2 A natural person residing in the Shenzhen Special Economic Zone and having participated in Shenzhen social insurance for three consecutive years may carry out bankruptcy liquidation, reorganization or reconciliation in accordance with these Regulations if he or she loses the ability to pay off debts or his assets are insufficient to pay off all debts due to production and business operations or living consumption.

Article 3 The liquidation of creditor's rights and debts in accordance with these Regulations shall follow the principles of good faith, fair protection, fairness and efficiency.

Article 4 After a natural person debtor (hereinafter referred to as the debtor) undergoes bankruptcy liquidation, reorganization or reconciliation, it shall be exempted from its unliquidated debts in accordance with the provisions of these Regulations.

Article 5 The municipal intermediate people's court shall have jurisdiction over the personal bankruptcy cases that apply these Regulations, except for those that have been designated by the basic people's court in accordance with law.

Article 6 The administrative functions of personal bankruptcy affairs shall be exercised by the working departments or institutions determined by the municipal people's ** (hereinafter referred to as the bankruptcy management department).

Article 7 A personal bankruptcy registration system shall be established to promptly and accurately register major personal bankruptcy matters, and to disclose personal bankruptcy related information to the public in accordance with law.

Individuals can also file for bankruptcy from March next year, with the following requirements: <>

One:A person who has resided in Shenzhen under the Personal Bankruptcy Regulations and has participated in Shenzhen social security for three consecutive years. The personal bankruptcy regulations are only valid in Shenzhen, and those who need to reside in Shenzhen and participate in Shenzhen social security insurance for three consecutive years can apply for bankruptcy.

Two:A person who files for bankruptcy can only file for bankruptcy if he loses the ability to pay off his debts due to production and operation, living expenses, and his own assets cannot pay off the debts owed. Due to the fact that there are violations of laws and disciplines in production and operation or people who overconsume, there is no way to pay off the arrears, and it is not possible to pass.

Three:Yes, the husband and wife must file for bankruptcy at the same time and meet the above two requirements. This takes into account the closeness of the joint property of the husband and wife, and effectively eliminates the situation that one of the spouses needs to bear all the debts and file for bankruptcy and does not pay them back.

The third is the application of joint bankruptcy of husband and wife.

Four:The person who applies for bankruptcy will have the corresponding authorities to carry out bankruptcy liquidation and reorganization in accordance with the law, find out the bankruptcy amount of the person applying for bankruptcy, and there will be a three-year exemption period before the remaining debts can be forgiven。It is not necessary to file for bankruptcy immediately after filing for bankruptcy.

As long as the above four requirements are met, you can file for bankruptcy, although you do not need to repay debts after filing for bankruptcy, it also brings a lot of inconvenience. For example, a person who files for bankruptcy cannot hold a position in the management of a listed company, a non-listed company, or a financial institution, and cannot engage in relevant legal and administrative positions. It is not only in terms of work but also in terms of travel, for example, you can't buy a motor vehicle, you can't travel, you can't take a first-class seat or more in a series of transportation such as business class, first class, and soft sleeper trains, and you can only take the most ordinary seats (anyone who has ever been a hard seat on a train and has been riding for more than four hours will know what it's like to be uncomfortable).

Even during the bankruptcy period, it will affect the children's enjoyment of higher education, so through various analyses, I believe that it is necessary to consume rationally and consider the consequences of filing for bankruptcy. That's my opinion.

Individual bankruptcy filing is only useful in Shenzhen, and those who have lived in Shenzhen and participated in Shenzhen social security for three consecutive years, and those who need to live in Shenzhen and participate in Shenzhen social security insurance for three consecutive years can apply for bankruptcy.

The requirement is to live in Shenzhen, and have paid social security for three years, and have no ability to repay due to business failure or high living expenses, before they can file for bankruptcy.

If you really can't run a business, you can apply. If you are a Shenzhen citizen and have to buy social security for three years, it is indeed caused by poor management and loss of living and consumption capacity, you can apply for personal bankruptcy, but it will also be assessed by the relevant departments for three years.

Legal Analysis: There are two conditions for filing for personal bankruptcy. The first is the inability to pay off debts as they fall due.

That is, the debtor is unable to continue to repay the debt, the debtor is cautious and unable to pay off the debt for a long or foreseeable period of time in the future, etc. The second is that the assets are unable to meet the debt or lack the ability to repay. The debtor can still take out a loan to repay the debt, but the second condition is not met.

Legal basis: Enterprise Bankruptcy Law of the People's Republic of China

Article 8 To submit a bankruptcy application to the people's court, the bankruptcy application and relevant evidence shall be submitted. The bankruptcy application shall contain the following matters:

1) The basic information of the applicant and the respondent, (2) the purpose of the application, (3) the facts and reasons for the application, and (4) other matters that the people's court deems should be stated.

If the debtor submits an application, it shall also submit to the people's court a description of its property status, a list of debts, a list of creditor's rights, relevant financial and accounting reports, a plan for the resettlement of employees, as well as the payment of wages for employees and the payment of insurance premiums for the Society.

Article 9 Before the people's court accepts the bankruptcy application, the applicant may request to withdraw the application.

There are two conditions for filing for personal bankruptcy. The first is the inability to pay off debts as they fall due. That is, the debtor is unable to continue to repay the debt, the debtor is unable to pay off the debt for a long time in the future or for a foreseeable long time, etc.

The second is that the assets are unable to meet the debt or lack the ability to repay. The debtor can still take out a loan to repay the debt, but the second condition is not met.

1. What are the consequences of the liability of the guarantor of the bank loan.

The risks of acting as a guarantor of a bank loan are mainly as follows: 1. When the debtor is unable or maliciously defaults on the debt, the guarantor needs to repay the arrears for the debtor; 2. If the debtor refuses to repay the debt, the bank has the right to sue the guarantor in court, affecting personal credit; 3. The debtor does not repay the debt, but needs to bear the responsibility of repayment, if the debt is too much, it may lead to bankruptcy and living embarrassment. The third party and the creditor agree that when the debtor fails to perform the debt, the guarantor shall perform the debt or assume responsibility according to the agreement, and the third party here is the guarantor, including the legal person, other organization or citizen who has the ability to repay the debt on behalf of the debtor.

2. What are the ways of debt restructuring?

The debt is restructured in the following ways:

1. Use assets to repay debts and cash assets to repay debts;

2. From the debtor's point of view, convert debt into capital;

3. From the perspective of creditors, pay attention to converting receivables into equity. Other debt conditions are modified to reduce the principal, forgive interest, reduce interest rates, and extend the maturity. Debt restructuring refers to the fact that the creditor makes concessions when the debtor encounters financial difficulties in accordance with an agreement reached with the debtor or a court ruling.

3. What are the legal remedies for debt crises.

The legal remedies for a debt crisis are: if the enterprise legal person is unable to repay the debts due and the assets are insufficient to pay off all the debts or obviously lacks the ability to pay off, the debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation.

Article 8 of the Enterprise Bankruptcy Law of the People's Republic of China provides that when a bankruptcy application is filed with a people's court, a bankruptcy application and relevant evidence shall be submitted. The bankruptcy application shall contain the following matters: (1) the basic information of the applicant and the respondent, (2) the purpose of the application, (3) the facts and reasons for the application, and (4) other matters that the people's court deems necessary to be indicated.

If the debtor submits an application, it shall also submit to the people's court an explanation of its property status, a list of debts, a list of creditor's rights, relevant financial and accounting reports, a plan for the resettlement of employees, and the payment of employees' wages and social insurance premiums. Article 9 Before the people's court accepts the bankruptcy application, the applicant may request to withdraw the application.

Individuals can file for bankruptcy, and only corporate lawyers can file for bankruptcy in our country. If a natural person is unable to repay the debt, the creditor may file a lawsuit and then request the people's court to enforce the debt. The lawsuit shall be initiated with the people's court with jurisdiction.

Article 7 of the Enterprise Bankruptcy Law: If the debtor has any deficiencies in Article 2 of this Law, it may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation. If the debtor is unable to pay off the debts due, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor.

Where an enterprise legal person has been dissolved but has not been liquidated or has not been liquidated, and its assets are insufficient to pay off its debts, the person who bears the responsibility for liquidation in accordance with law shall apply to the people's court for bankruptcy liquidation.

In the case of personal debts, the debts should be discharged. If it is temporarily unable to repay, the debtor may repay it in installments with the consent of the creditor or the ruling of the people's court.

Legal basis: "Enterprise Bankruptcy Law of the People's Republic of China" Article 2 If an enterprise legal person is unable to pay off its debts when due, and its assets are insufficient to pay off all its debts or it is obviously lacking in solvency, it shall liquidate its debts in accordance with the provisions of this Law.

Where an enterprise legal person has the circumstances provided for in the preceding paragraph, or there is a clear possibility of losing solvency, it may carry out reorganization in accordance with the provisions of this Law.