Research On China's Personal Bankruptcy Exemption Syste

The modern market economy is highly competitive and market structure is complex,making risks difficult to predict.Therefore,all market entities need an orderly exit system to safeguard their basic interests,and personal bankruptcy system is the institutional arrangement for individuals to exit the market.Within the personal bankruptcy system,the personal bankruptcy exemption system is the most important and indispensable part of bankruptcy law.The personal bankruptcy exemption system refers to the legal discharge of unpaid debts within the scope of the bankruptcy process.The essence of this system is to relieve "honest and unfortunate" debtors of their remaining debts so that they can regain a new life and stabilize social and economic life.Establishing a personal bankruptcy exemption system that conforms to China’s national conditions has become an urgent task as it can stabilize social and economic order while protecting the interests of both creditors and debtors.This article discusses the legitimacy theory of personal bankruptcy exemption,reviews the historical evolution of the personal bankruptcy exemption system,including its emergence,development,and improvement process,and explores and explains China’s need for and positive conditions for constructing the system.The article also analyzes and discusses various judicial practices in China to solve the problem of "execution difficulties" across the country.In 2019,Zhejiang,Jiangsu,and Shandong launched a pilot program for personal debt clearance,forming a "quasi-bankruptcy" system.After the successful trial of the "quasi-bankruptcy" system,the Shenzhen Special Economic Zone Personal Bankruptcy Regulations were officially implemented in 2021 as a regional law for personal bankruptcy exemption practice.Furthermore,by exploring the legislative ideas and practical experiences of various countries,especially the constituent elements of personal bankruptcy exemption system,such as exemption procedures,conditions,effectiveness,time limits,non-exemption,and exemption revocation,this article elaborates on the legislative and practical experiences of different countries(regions).Based on China’s specific national conditions,the article discusses the basic path for establishing a personal bankruptcy exemption system in China.