The Italian Law Journal | ItaLJ

 SPECIAL ISSUE

Hybridizations, Contaminations, Triangulations: 
Itineraries in Comparative Law Through the Legal Systems of Italy and Japan

edited by Giorgio F. Colombo

 

Current Situation of Consumer Bankruptcy in Japan

by Masaki Sakuramoto

In Japan, starting with the bursting of the bubble economy in the early 1990s, and followed by a series of crises, such as the global financial crisis caused by the Lehman Brothers Shock of 2008, and the Great East Japan Earthquake of 11 March 2011, the economic life of consumers has been heavily affected by a serious, long term economic depression. For instance, consumer insolvencies sharply increased due to multiple debts. As a consequence, expressions such as ‘debt adjustment’, ‘individual rehabilitation’, ‘credit card bankruptcy’ and ‘credit loan bankruptcy’ have been routinely used when dealing with this topic.
In this article, I would like to analyze the following three points that illustrate the current situation of consumer bankruptcy based on the latest data.
1. Numbers of petitions for bankruptcy accepted by district courts;
2. Characteristics of bankrupts in consumer bankruptcy;
3. Numbers and rate of orders granted discharge by the district courts.

 

 Read the full article