President Lee Jae-myung Advocates for Bankruptcy Protections

President Lee Jae-myung stated on June 2 that measures must be taken to prevent individuals from feeling that they could die due to debt. Speaking at a Cabinet meeting and emergency economic assessment session at the Blue House, he remarked, "It is unacceptable to hear of families committing suicide over unpaid debts; what kind of primitive society is that?"

He questioned, "Why not apply to the court for debt relief? Isn’t bankruptcy and discharge an option?"

President Lee criticized the stigma surrounding bankruptcy, calling it a "very immoral and bad act" that leads individuals to suffer in silence until it is too late. He emphasized the need for a system that allows those unable to repay their debts to seek adjustments. "If someone feels overwhelmed by debt, they should be able to report it, and I hope we can create an organization to help resolve these issues," he said.

He described the situation as a significant social problem, noting that while financial institutions manage long-term delinquent loans systematically, personal debts also require structured management.

The President urged all government departments to pay closer attention to the issue of debt-related deaths and to respond accordingly.