Debt Relief- View allLast updated: 2026-03-13

Personal Bankruptcy in Japan: Procedure and Consequences

Key Takeaways

✓Bankruptcy eliminates debts but requires surrendering most assets
✓Cash up to ¥990,000 and daily necessities can be retained
✓Gambling or extravagant spending may prevent discharge
✓Credit cards and loans are unavailable for 5-10 years after filing

Personal bankruptcy discharges all debts upon court approval. Cost: ¥200K-500K attorney fees. Credit record: 5-10 years. Assets up to ¥990K can be retained.

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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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Related Q&A

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?

Related Legal Terms

Statute of Limitations Voluntary Debt Arrangement Personal Rehabilitation Personal Bankruptcy

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