South Koreans Changing Venues in Search of Bankruptcy Approval
Over 100,000 cases of personal bankruptcy are filed annually in South Korea. These are divided among 30 bankruptcy courts across the country; just 26 judges handle this huge caseload of over five cases per day each week. According to an article in the South Korean newspaper, The Dong-A Ilbo, ten of twelve district courts had approval rates of over 90%, “with those in Seoul, Chuncheon, Cheongui and Suwon recording 97%, and those in Uijeongbu and Jeonju 96%.”
Many people in South Korea are even changing their home addresses if they happen to live in a district with a lower (or slower) bankruptcy approval rating. One Busan (South Korea) man changed his residence address to one in Seoul to get bankruptcy relief from repaying 300 million won ($260,000) that he owes to various financial institutions. According to his lawyer, the bankruptcy system was more lenient in Seoul than in Busan.
Rep. Park Min-shik of South Korea’s Grand National Party, recently announced to that country’s parliamentary legislation and judiciary committee that just over 96% of bankruptcy cases filed were approved by the courts freeing most debtors from having to repay their debts.
If you need to file for personal bankruptcy in the United States, you need an experienced attorney to guide you through the complicated court system. You need to talk with a qualified and compassionate bankruptcy lawyer from Legal Helpers. Please call us today for the help you need at 800-260-1402.
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