Monthly salary of 4784, debt of 25.44 million. How did this happen? 一起了解更多. Woman applies for bankruptcy!

Shenzhen, China - The Shenzhen Intermediate People's Court recently issued a personal bankruptcy liquidation application notice, sparking heated discussions. The 37-year-old applicant, Zhou, has a monthly salary of only 4784 RMB, but her total personal debt amounts to over 25.44 million RMB, far exceeding her ability to bear.

According to foreign media reports and related online post screenshots, the applicant, Zhou, is female, with a monthly salary of 4784 RMB and a housing provident fund account balance of 11592.27 RMB. There is great interest in whether the related personal bankruptcy application will ultimately be accepted by the court.

Personal bankruptcy, in this context, means that when an individual’s assets are insufficient to cover debts, the court decides whether to exempt most of their debts, allowing them to start anew, aiming to provide a debt restructuring opportunity for individuals in serious financial distress who are honest and trustworthy.

Currently, China’s personal bankruptcy system is being piloted in developed regions, and Shenzhen is one of them.

Staff members from the Shenzhen Intermediate People's Court and the Shenzhen Bankruptcy Administration stated that this case is still in the personal bankruptcy application review announcement stage. The purpose of the application review announcement is to widely solicit feedback from informed parties and to verify the authenticity of the applicant's information.