domingo, 2 de março de 2014

Debt collection in Brazil x Korea

See also:  Verifying a Brazilian Power of Attorney - Question from Korea

I have just read a post from the Korea Law Blog that details how Korean courts can seize, or garnish, part of the salary of a debtor, in order to pay a creditor (Please check the link at the end).

The Korean system is remarkable. In Brazil, salaries cannot be seized for the payment of debts!

This limitation is traditional in our legal system, and is based on the old assumption that rich people would have colateral to guarantee his debts, while poor people would use 100% of its income to survive, and thus should not be subject to losing its only source nutrition and shelter.

This limitation is being lifted slowly by the courts, specially if the creditor is a former employee of the debtor and, therefore, would also need to receive its salary in order to survive.

Brazil is not Korea, though. You should always ask for a colaterall.


The Korean Law Blog: Garnishing Wages in Korea: Collection of Debts in ...: I received a call from a friend asking about information concerning collecting on a large personal debt. He loaned money to a “friend” and ...

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