The Consumer Debt Clearance Statute Article 151

If the debtor owes debts to a financial institution, he/she shall, before the application for rehabilitation or liquidation, ask the financial institution with the largest amounts of claims to negotiate the debt repayment proposal, or shall apply to the mediation committee of the court, or the village, town, city, district where his/her domicile or resident is located for mediation of the debt clearance. The debtor shall make the request or application under the preceding paragraph in writing, and shall submit the description of his/her property and income status, the roster of creditors and debtors, and provide written copies or photocopies in a number corresponding to the number of creditors. The provisions of paragraphs 2, 5 and 6 of Article 43 shall apply mutatis mutandis to the circumstance under the preceding paragraph. If any creditors are financial institutions, the financial institution with the largest amounts of claims shall act on behalf of other financial institutions in the course of negotiation or mediation; unless another financial institution objects in writing to the financial institution with largest amounts of claims. If a creditor is a financial institution, an asset management company or transferee of its claims shall provide the description form of claims to the debtor, and the provisions of subparagraphs 1 to 5 of paragraph 2 of Article 33 shall apply mutatis mutandis thereto. After the debtor asks for negotiation or applies for mediation, if any financial institution with claims applies for compulsory enforcement against the debtor, or disagrees with the deferral of compulsory enforcement proceedings, the negotiation or the mediation shall be deemed as not concluded. If the negotiation or the mediation is concluded, the debtor may not apply for rehabilitation or liquidation, unless the performance thereof is difficult for a cause not attributable to him/her. The provision of paragraph 2 of Article 75 shall apply mutatis mutandis to any circumstance in which the preceding paragraph applies. The provisions of the preceding two paragraphs shall apply mutatis mutandis to any negotiation concluded before the enforcement of this Statute between the debtor and the financial institution according to the unsecured debt negotiation mechanism for consumer financial cases handled by members of the Bankers Association of the Republic of China as established through negotiation of the competent financial authority.