Debt Relief
Q. I became a joint guarantor. Do I have to pay?
A.
Joint guarantors bear the same payment obligation as the borrower and cannot demand the creditor pursue the borrower first.
Read more ▶
Joint guarantors have the same obligation as the principal debtor (Art. 454) with no right to demand creditors pursue the debtor first. 2020 reform requires maximum amount for individual rolling guarantees (Art. 465-2). Business loan guarantees need notarized confirmation.
This article provides general legal information and does not constitute legal advice. For specific legal issues, please consult with a qualified attorney.
Related Questions
Q. What happens when you file for personal bankruptcy? What are the downsides?
Q. What is individual rehabilitation (kojin saisei)?
Q. What is the statute of limitations on debt? What is invocation of prescription?
Q. What is voluntary debt arrangement and how does it differ from bankruptcy?
Q. Can my wages be garnished for unpaid debts?
Related Articles
Complete Guide to Personal Bankruptcy in Japan: Procedures, Costs, and Consequences
A comprehensive guide to personal bankruptcy in Japan: eligibility requirements, the difference between summary and full proceedings, costs, occupational restrictions, non-dischargeable debts, and comparison with debt consolidation alternatives.
Debt Restructuring in Japan: Voluntary vs. Court-Supervised Rehabilitation
Comparison of voluntary debt restructuring and individual rehabilitation in Japan, including mortgage protection provisions.
Free Tools
Related Legal Terms
Consult a Legal Professional
Find a lawyer through your local bar association
JFBA Legal Consultation Guide