China’s First Personal Bankruptcy Case

In 2020, I was saddled with ¥760,000 in debt and roughly spent three years paying it all off. The court and banks approved my personal bankruptcy petition in July 2021, and by April 2023, I had fully cleared it. The key benefit was that interest and compensation fees were waived—I only needed to repay the principal of the loans.

As I've shared before, when you truly feel powerless, you can proactively reach out to banks and the courts to apply for personal bankruptcy. This allows you to keep just enough income for basic living expenses while directing everything else toward repaying the principal. In return, non-principal debts like interest can be waived.

China's first individual granted bankruptcy permission has now repaid all his debts