Increasing personal bankruptcy

The number of personal bankruptcy filed at a court hit a record high with nearly 50,000 in the first half of this year. Under the current personal bankruptcy saving system, when he/she, who is proved to be insolvent by the court, doesn’t need to pay back debts at a bank or card company.

According to the Supreme Court, the number has been on the steady increase since 2002 but this year saw the number skyrocketing with 49,581, more than 30 per cent up from a year earlier.

Experts blame sluggish economic performance and flat personal income level for the increasing personal bankruptcy.