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Brooklyn Journal of International Law
Bankruptcy; personal insolvency; insolvency; personal insolvency; China; People's Republic of China; debt; debtors; bankruptcy legislation; legislation; discharge of debt
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Personal Insolvency In China: Necessities, Difficulties, And Possibilities, Rebecca Parry, Haizheng Zhang, Jiahui Fu
Personal Insolvency In China: Necessities, Difficulties, And Possibilities, Rebecca Parry, Haizheng Zhang, Jiahui Fu
Brooklyn Journal of International Law
There has long been demand for personal insolvency laws in China, yet such laws have hitherto been unavailable, in part due to ideological resistance. In more recent years there has been an increase in borrowing by individuals, which has led to increased calls for honest but unfortunate debtors to be able to obtain a fresh start. Yet there is significant public mistrust of defaulting debtors and in particular there is a shadow cast by those termed the Lao Lai that has led many to question the desirability of such a reform. There has also been a need for change in …