If foreign people living in Japan have problems with debt, we recommend they consult a lawyer. Let's apply for the free legal consultation.
Does a foreigner know a system of Japanese？
Does a foreigner know a system of Japanese bankruptcy?
It's important for a foreigner to know a system of Japanese bankruptcy.
When living in Japan, because it's useful.
For example we assume that I borrowed money in Japan.
When it's represented to a courthouse and it come up to bankruptcy the court will decide if it will return or not.
Then obligation of a debt is saved.
The Japanese Self-Bankruptcy system is a way for people to declare bankruptcy without the need to involve a court. This system was introduced in 2006, and it has become a popular option for those facing financial difficulties. When an individual declares self-bankruptcy, their debts are frozen and no payments are required. This allows them to start fresh, without the burden of their debt. They are also able to retain some of their property, such as their home and their car, as long as they are able to make the necessary payments. To qualify for this system, a person must have less than ¥10 million in debt, be over the age of 20, and have an income of less than ¥3 million per year. They must also pass a credit check and provide proof of their financial situation. Once the individual has filed for self-bankruptcy, their creditors will be informed. The creditors will then have the option to accept the self-bankruptcy or take the individual to court. If their creditors choose to accept the self-bankruptcy, the individual’s debts will be cleared and they will be able to start over. The Japanese Self-Bankruptcy system is a great way for individuals to get a fresh start when facing financial difficulties. It is a simpler and more cost-effective option than going to court, and it allows people to retain some of their property.
Foreigners living in Japan can solve their debt problems by recommending reducing debt before filing for bankruptcy. It is recommended to consult a lawyer who understands the laws of Japan.
This site only accepts legal consultations in Japanese. If you have a friend or family member who understands Japanese, they can apply together with you from this site.
