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Debt Rehabilitation·Bankruptcy | law firm THEO Debt Rehabilitation·Bankruptcy | law firm THEO

Key Services

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Debt Rehabilitation

LAWFIRM SERVICE

01Debt Rehabilitation
Personal Debt Rehabilitation Personal Debt Rehabilitation is a procedure where individuals with total debts up to 10 billion won for unsecured debts or 15 billion won for secured debts, who continuously earn income or have potential future earnings, can apply to repay a fixed amount over 3 years (maximum 5 years) to receive a reduction in the remaining debts.
02Eligibility for Debt Rehabilitation
Eligibility for Personal Debt Rehabilitation The procedure is available to individual debtors, including overseas residents and foreigners. The total debt must exceed assets, and the total amount of debt must be within 500 million won for unsecured debts or 1 billion won for secured debts. Additionally, individuals with monthly income or business income, even if not monthly, agricultural workers with income generated every 6 months or annually, non-insured part-time or daily workers, and individuals undergoing bankruptcy or recovery procedures can also apply for personal debt rehabilitation.
  • Application Submission of repayment plan

    (within 14 days from the application date)

    화살표

    Reasons for Rejection
    Rejection
  • Prohibition order
  • Appointment of Personal Debt Rehabilitation Committee
  • Commencement decision

    (within 1 month from the application date)

  • Creditor objection period

    (within 2 months from the commencement decision date)

    화살표

    Creditor objection confirmation trial
    Creditor objection confirmation trial
  • Creditor meeting

    (within 3 months from the commencement decision date)

  • Approval of repayment plan

    화살표

    Non-approval
    Termination
  • Termination of repayment plan execution

    (supervised by the Personal Debt Rehabilitation Committee)

    화살표

    Non-execution
    Termination
  • Discharge

    (prohibition of reapplication within 5 years)

    화살표

    Invalid methods
    Cancellation of discharge

Bankruptcy

LAWFIRM SERVICE

01Bankruptcy
Personal Bankruptcy Personal Bankruptcy is a system where debtors who cannot handle their debts and find it difficult to repay can receive a discharge according to a court decision, allowing for the reduction of all debts and providing an opportunity for a fresh economic start without leaving a record.
02Process Stages

  • 01.

    Incident Occurrence Understanding the case through legal consultation Reviewing similar cases and collecting successful precedents

  • 02.

    Preparation Stage Preparation of personal statements, basic documents, and other evidence Preparation of basic documents necessary for litigation and personally prepared personal statements

  • 03.

    Court Stage Drafting and filing of pleadings Based on the personal statement, the lawyer communicates directly with the client to draft and file pleadings
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Incheon Headquarters
- Address: 9th Floor, 907, Metro City, 392 Ieum-daero, Seo-gu, Incheo
- TEL: 1800-8299 | FAX: 032-724-8387 | Email: theogd@lawfirmtheo.com

Yongin Branch Office
- Address: 6801 Dongbaek 4-ro, Giheung-gu, Yongin-si, Gyeonggi-do

Dongtan Branch Office
- Address: Block C7, Heymi City Signature Sales Facility, Dongtan Yemi Signature, 3-304, Dongtan 2nd District, Osan-dong, Hwaseong-si, Gyeonggi-do

Seoul Branch Office
- Address: 2nd Floor, Suite 21, Main Building, 12 Digital-ro 31-gil, Guro-gu, Seoul

Busan Branch Office
- Address: 3rd Floor, Units 43-44, Daerim e-Pyeonhan Sesang Shopping Mall, 80 Myeongji International 2-ro, Gangseo-gu, Busan

Yeonsu Branch Office
- 3rd floor, 106 Beotkkot-ro, Yeonsu-gu, Incheon (Cheonghak-dong, Yeonsu Square Plaza)

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