PERSONAL BANKRUPTCY TOKYO

Personal bankruptcy Tokyo is a court-supervised legal procedure that allows debtors to liquidate their assets or create a repayment plan. These procedures offer relief to individuals and businesses struggling with insurmountable debt burdens. The bankruptcy process can also help prevent a company’s collapse and protect creditors’ investments. A bankruptcy lawyer can advise on the best course of action for a specific situation.

The bankruptcy system in Japan is influenced by Chapter 11 of the US Bankruptcy Code and other foreign laws. The Japanese government has recognized the need to reform the country’s aging bankruptcy law and is currently studying alternative approaches.

The number of personal bankruptcy filings in Japan has quadrupled since the mid-1980s, and is expected to surpass 40,000 this year. The loss of consumer credit, coupled with a slowdown in household spending, could make it even more difficult for the economy to recover from its slump.

Bankruptcies are also bad news for Japan’s main banks, which have become increasingly burdened by their exposure to bad loans. The influx of new insolvent consumers has also made it harder for many small businesses to obtain the credit they need to survive.

In addition, the lack of comprehensive credit-checking systems has enabled a large number of Japanese to borrow beyond their means, often paying interest rates considered usury in the United States. This has led to an increase in reports of suicides and disappearances by people overwhelmed by debt. In some cases, desperate individuals have sold their possessions or even resorted to prostitution.

債務整理　東京 with credit in Japan are largely the result of speculation in stocks and real estate and a large number of young Japanese being lured by glitzy advertising into borrowing for travel, cars and clothes. Many of them do not have money stashed away and are unable to afford the interest on their high-interest credit card balances. Many have been hounded relentlessly by debt collectors and some have resorted to suicide.

The prevailing problems are not only those resulting from debt, but also from the inability of many to find work or have a steady income. Despite an economic recovery, it has been difficult for some individuals to maintain their living standards and many have had to sell their homes and other property. Others have been compelled to take on additional work or have resorted to prostitution to raise enough money to pay their debts. A petition for civil rehabilitation proceedings can be filed by a debtor with the local court having jurisdiction over his or her place of residence. The costs for filing a petition include revenue stamps, the cost of publishing a notice in the official gazette, and if an individual rehabilitation commissioner is appointed, the fee for his or her appointment.