Conditions for Personal Bankruptcy Application in Guangxi

The general requirements of the "Draft for Comment" are:

"If a natural person who lives in Shenzhen Special Economic Zone and has participated in social insurance in Shenzhen for three consecutive years has insufficient assets to pay off all debts or obviously lacks solvency due to reasons such as production, operation and consumption, he shall go through bankruptcy liquidation or reconciliation in accordance with these regulations."

Specifically, the provisions of this article mainly consider the following three factors:

First, the debt conditions for filing for bankruptcy are limited to cases where assets are insolvent or obviously lack solvency due to production, operation and consumption.

The provisions of this article shall not apply if debts cannot be paid off due to illegal operation or excessive consumption.

The second is to require individuals to participate in social insurance for three consecutive years; Not "household registration".

This is because Shenzhen is an "immigrant" city, and the actual resident population far exceeds the registered population. However, the application of the law should keep the actual resident population that meets certain conditions within its effective range.

At present, the construction of information systems related to residence, property registration and social security of migrants in Shenzhen has been basically improved, which can effectively grasp the personal social property status.

Therefore, it is reasonable to take "a natural person who lives in Shenzhen Special Economic Zone and has participated in social insurance in Shenzhen for three consecutive years" as the applicable object.

Thirdly, in the following, the bankruptcy system of husband and wife is also stipulated.

This is because husband and wife are closely related to property. If one of the husband and wife has entered the personal bankruptcy procedure in Shenzhen and their spouse also applies for personal bankruptcy, they can be tried together; Instead of asking the other party to meet the conditions of residence and social security payment.