On The System Of Bankruptcy Exemption

The study on the bankruptcy discharge system as an important part of the naturalperson bankruptcy law began in recent years. The preface gives a brief account of thepresent study on the bankruptcy discharge system. The author believes that furtherstudy on the discharge system is necessary and we should combine the study on thedischarge system with the individual credit conditions. The first part of the article is a brief account of the discharge system. The authorthinks that the core of the bankruptcy law was to regulate the relation betweencreditors and debtors before the discharge system emerged. After the discharge systemcame into being, the core moved to keep the balance between the creditors anddebtors. Then it inclined to protect debtors. It is the discharge system that helped thebankruptcy law to approach democracy, freedom, and liberty. After a research aboutthe discharge system's legislative value, the author believes that in the macroscopicsphere these values include to distribute financial risks rationally and to beadvantageous in the functioning of the individual credit system. In the microscopicsphere these values includes to ensure the creditor's right, to encourage the debtorpaying off, to ensure debtors' life in future and to be in keep with the demands of thesociety. After a research of the legal principles of the discharge system, the authorprovides it with the proper reasons to exist. Because the discharge system is the coreof the bankruptcy law for natural person and is in keep with the need of the society,China has to accept it when she satisfies certain conditions. However, China has noindividual credit system, so it is not the right time to accept the discharge system inChina. The second part of the article compares the legislation and juristic practice ofBritain, America, Japan and Germen. By a comparison of the definition, thecondition, the effect of bankruptcy discharge system, the author concludes that during 1China is building the discharge system, we should learn a lot from the successfulexperience of foreign law. After analyze the individual credit conditions in China, theauthor thinks that although we have a long history of the credit, after the reform andopening to the outside world, credit becomes a serious problem in China. In China,few people pay attention to Credit, and the society lacks in records about individualcredit, in specialized individual credit assessment system, in mature market and inrelative regulations and law. Under such circumstances, we shall pay more attention tothe study of discharge system. The discharge system can only apply in those unluckyand honest debtors, so the first and the most important task for those countries thataccept discharge system is to have an integrated individual credit system and controlthe conditions of the conditions of the individual credit. The third part of the article is the legislative advice for the discharge system. IfChina has the individual credit system and plan the discharge system well, it willimprove national economy and the society. So, on one hand we should build ourindividual credit system, on the other hand we can not give up the effort to study thespecific regulations of the discharge system. The new ideas in this article are that we should set up the bankruptcy system onthe base of learning from the experience of common law and civil law. And the authorstudies the bankruptcy discharge system in historic, comparative and logical ways.