[Short answer] According to Korean traffic law, a bicycle is regarded as a motor vehicle. So your accident will be considered as a car accident. If it turns out that you are responsible for the accident, you may be subject to criminal charge and be ordered to indemnify the damage (wage loss during recovery, physical damage including medical bills, and psychological damage).
Before you admit anything or promise any compensation, please see the lawyer and ask for professional help. First things first, you should have a lawyer to accompany you to your police investigation meeting to defend yourself.
Furthermore, in Korea, it is essential to have the victim's letter in hand indicating his or her intent that he or she does not want the violator to be punished under criminal charge as he or she is monetarily compensated out of the court. Such letter will have huge influence in your level of criminal punishment and it can help you to settle the case out of the court without any further fuss. To draft such letter, it is critical to successfully negotiate with the victim, reflect the negotiation details in the letter, and submit the letter timely to the investigator or prosecutor.
If you have any legal issues while your stay in Korea, please contact me.
I am an experienced lawyer with dual law licenses (Korea and CT, US) who is fluent in English. I can explain the complex Korean law and help you to resolve your legal issues.
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