Daejeon City Operates 'Financial Welfare Counseling Center' Supporting Personal Bankruptcy and Rehabilitation

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 24th that it will begin operating the ‘Daejeon Financial Welfare Counseling Center’ on the 1st of next month on the 3rd floor of the Daejeon Credit Guarantee Foundation.

The center will be operated by the Daejeon Credit Guarantee Foundation under the city’s commission, with one center director and three financial counselors working there.

The center’s purpose is to support citizens with multiple or excessive debts whose income is at or below 125% of the median income in applying for public debt adjustment measures such as personal bankruptcy, discharge, and individual rehabilitation.

Additionally, in cooperation with the Korea Legal Aid Corporation, the center will support the preparation and issuance costs of application and attached documents, and provide services such as accompaniment to the corporation and courts.

Furthermore, the center plans to actively address financial issues of the financially marginalized discovered during the public debt adjustment process, as well as non-welfare issues (such as health), housing, and employment problems.

Ko Hyun-deok, Director of the City’s Job and Economy Bureau, said, “We hope that the operation of the center will complement the limitations of existing private debt adjustment (Credit Recovery Committee) and Daejeon’s integrated support for low-income financial loans,” adding, “The city will continue to make greater efforts to enhance the comprehensiveness of financial services for low-income citizens.”