Debt Relief
Q. What happens when you file for personal bankruptcy? What are the downsides?
A.
Bankruptcy eliminates most debts, but you cannot use credit cards or loans for 5-10 years.
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Bankruptcy (Art. 1, 248) discharges most debts except taxes (Art. 253). Downsides: credit blacklist for 5-10 years, assets over ¥990K liquidated (Art. 34), certain job restrictions during proceedings, published in official gazette.
This article provides general legal information and does not constitute legal advice. For specific legal issues, please consult with a qualified attorney.
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