THE CONCEPT OF ASSISTING AN INDIVIDUAL DEBTOR THROUGH BANKRUPTCY PROCEEDING
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Abstract
A voluntary bankruptcy of an individual debtor is one of the legal proceedings in the bankruptcy system based on the Fresh Start concept which allows the individual debtor who is unable to pay debts to file a petition for bankruptcy, and has now become a universal legal proceeding of bankruptcy system. This concept is deemed that the individual debtors who are unable to pay debts due to sickness, accident or unemployment caused by the economic
depression are the sympathetic debtors, often called the honest but unfortunate debtor. Therefore, these debtors who surrender for distribution the property which they own at the time of bankruptcy, should be entitled to receive a new opportunity in life and a clear field for future effort. This proceeding will relieve debtors from the weight of oppressive indebtedness and also drive them to earn for their living and as a result, it will reduce the burden of the
society and return the production units to the economic system as well. Whereas, the debtors who are still young certainly have the ability to restart easily; meanwhile, the debtors who are elders, retired, or have low-income will be granted the opportunity to discharge their debts. By providing the right to file a petition for voluntary bankruptcy and determining a criteria to ensure that the debtors have access to the process in a convenient, swift and inexpensive manner, and to give a government agency’s assistance, it will not only be the option to afford for resolving the individual debtor’s financial problem, but will also be compatible with the universal standards, efficiency and fairness, which in turn will reduce the barrier of earing and living, and correspond to the policy of law and justice process reform enacted in the Constitution of the Kingdom of Thailand B.E. 2560 as well.
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