Personal bankruptcy - Jikohasan

Japanese: 自己破産 - じこはさん

Bankruptcy is when a person files for bankruptcy with the court when their debts have grown to the point where they can no longer repay them. It is also called consumer bankruptcy or personal bankruptcy. When a person is declared bankrupt, all assets and possessions are confiscated and handed over to creditors, leaving only the minimum necessary living expenses (free assets) and household goods. Bankruptcy has the effect of exempting people from repaying their debts. There are an increasing number of cases of bankruptcy caused by people using multiple credit cards and becoming bankrupt as a result of their debts increasing, and of people who invested in stocks and real estate becoming bankrupt due to the collapse of the bubble economy. The 2004 amendment to the Bankruptcy Act raised the amount of free assets to the equivalent of three months' necessary living expenses (990,000 yen) and unified the bankruptcy and discharge procedures.

Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

借金が膨らんで返済できなくなり，裁判所に自ら申し立てる破産のことで，消費者破産，個人破産ともいう。破産宣告を受けた場合，必要最小限の生活費（自由財産）と家財を残して，財産や家財を没収され債権者に渡される。破産によって債務弁済の免責という効果を生ずる。複数のクレジット・カードを利用して負債が大きくなって破産するカード破産や，株や不動産への投資がバブル経済崩壊で破産するケースが増えている。2004年の破産法改正により，自由財産の金額の必要生計費の３ヵ月分相当（99万円）への引上げ，破産と免責手続の一本化などが定められた。

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