인적자본의 처분불가능성과 개인회생절차

The personal reorganization procedure intends to increase the welfare of not only the individual debtor but also creditors by making the debtor to repay more than what she has to through liquidation and at the same time enabling her to keep the current property. The scope of personal reorganization, however, is much restricted since forcing someone to work and pay for the existing debt is dangerously close to the idea of slavery, the use of which is strictly banned in most civilized countries. In fact, the involuntary trading of human capital or any indirect variation of it are not allowed.Given the constraint of no slavery, the personal reorganization procedure has to accept the notion that the debtor continue to retain the control right during reorganization on the most valuable asset, which is the human capital. Providing proper incentive to work becomes the most important concern of the successful reorganization, since the debtor has no inherent incentive to work.We found that the standard incentive mechanism of "making the controller of the asset a residual claimant" works in this situation too. We proposed that this can be implemented by allowing the debtor to keep effort-induced extra income during reorganization contrary to the current practice.