The Consumer Debt Clearance Statute Article 151-1

A debtor who requests negotiation shall be deemed to have agreed or authorized the requested financial institution to inquire about his/her property, income, business and credit status from the taxation or other authorities and groups. The financial institution under the preceding paragraph shall immediately notify the other creditors to negotiate the repayment of debts with the debtor, and shall provide the result of any inquiry under the preceding paragraph to other creditors for review or transcription. Any creditor who transfers his/her claims to a third person shall provide relevant supporting documents to the requested financial institution, which shall ask such third person to participate in the negotiation. If the negotiation is successfully concluded, any proposal for repayment of debts shall be made in writing, and shall be affixed with the signature, seals or fingerprints of the parties. If the negotiation is not successfully concluded, a certificate stating this fact shall be delivered to the debtor within seven days.