The Seoul Finance and Welfare Counseling Center provides one-stop service to individuals in the low-income bracket who are suffering from household debt and the financially marginalized. Some of the services provided include debt counseling, financial planning, and providing information on financial and welfare products. Ever since opening its doors last July, it has received 130 bankruptcy exemptions, cancelling a total of KRW 15 billion in household debt for the involved low-income families.
During its past year of counseling, the Seoul Finance and Welfare Counseling Center has provided administrative support for 342 cases that it judged to adequately qualify for bankruptcy exemption by assisting with filling out applications and issuing the appropriate documents. Of these, 130 cases actually received bankruptcy exemption rulings.
In addition, there are currently 200 bankruptcy applications pending in court. If they are all accepted, the total cancelled debt is expected to reach KRW 56 billion. The Center also provided aid to six individuals regarding their applications for individual rehabilitation, of which five were approved by the court.
In this way, during the past year since its establishment, the Seoul Finance and Welfare Counseling Center has provided financial and welfare counseling for 9,035 cases, an average of 35 per day (based on working days). This has resulted in the Center becoming established as a “household debt exemption assistant” for low-income families. I hope the Seoul Metropolitan Government always remains close to those who are not as well-off as others.