'Prohibition of Seizure-Prohibited Living Cost Account' Bill Passes National Assembly

Even if you can't pay back your debt, the whole nation will be able to create a "living expense account" that guarantees that only the minimum cost of living will not be seized.

At the plenary session, the National Assembly passed the amendment to the Civil Execution Act with 264 present and all in favor of it.

The amendment designates one living expense account per person for natural persons, and stipulates that creditors cannot seize these accounts.

However, if an amount exceeding the minimum cost of living that is prohibited from seizure is deposited, the excess will be automatically transferred to the reserve account.

The current law stipulates that deposits that correspond to the debtor's monthly living expenses cannot be seized, but it has been pointed out that it is not being followed because it is difficult to determine the minimum living expenses.