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About Bankruptcy Law in Usa, Japan

Bankruptcy in the United States and Japan is a legal process that helps individuals and businesses who are unable to pay their debts to eliminate or repay them under the protection of the bankruptcy court.

Why You May Need a Lawyer

You may need a lawyer for bankruptcy if you are facing overwhelming debt, creditor harassment, foreclosure, repossession, lawsuits, or wage garnishment. A lawyer can help you understand your options, navigate the complex legal process, and protect your rights.

Local Laws Overview

In the United States, bankruptcy laws are mainly governed by the US Bankruptcy Code. There are different types of bankruptcy chapters, such as Chapter 7, Chapter 13, and Chapter 11, each with its own eligibility requirements and consequences.

In Japan, the main bankruptcy law is the Corporate Reorganization Law, which provides for reorganization of insolvent companies. Individuals can also file for bankruptcy under the Civil Rehabilitation Law or the Bankruptcy Act.

Frequently Asked Questions

1. What types of bankruptcy are available in the United States and Japan?

In the US, the main types are Chapter 7, Chapter 13, and Chapter 11. In Japan, individuals can file for bankruptcy under the Civil Rehabilitation Law or the Bankruptcy Act.

2. How will bankruptcy affect my credit score?

Bankruptcy will have a negative impact on your credit score, but you can start rebuilding it over time by managing your finances responsibly.

3. Can I keep my assets in bankruptcy?

It depends on the type of bankruptcy you file and the exemptions available in your state or country. A lawyer can help you understand what assets you can keep.

4. How long does the bankruptcy process take?

The timeline varies depending on the type of bankruptcy and the complexity of your case. It can range from a few months to several years.

5. Will I still owe debts after bankruptcy?

Some debts may be discharged in bankruptcy, while others may survive. A lawyer can help you understand which debts can be eliminated.

6. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy without a lawyer, it is not recommended as the process can be complicated and mistakes can have serious consequences.

7. How much does it cost to hire a bankruptcy lawyer?

The cost of a bankruptcy lawyer can vary depending on the complexity of your case and the lawyer's experience. Some lawyers offer payment plans or free consultations.

8. What documents do I need to file for bankruptcy?

You will need to provide information about your income, expenses, debts, assets, and financial transactions. A lawyer can help you gather the necessary documents.

9. Will I have to go to court if I file for bankruptcy?

You will have to attend a meeting of creditors, also known as a 341 meeting, but most bankruptcy cases do not require a court appearance.

10. How can a lawyer help me in bankruptcy?

A lawyer can assess your financial situation, explain your options, help you prepare and file your bankruptcy petition, represent you in court, and guide you through the entire process.

Additional Resources

For more information on bankruptcy in the US, you can visit the United States Courts website. In Japan, you can contact the Japan Federation of Bar Associations for legal assistance.

Next Steps

If you are considering filing for bankruptcy or need legal advice, it is crucial to consult with a qualified bankruptcy lawyer. They can help you understand your options, protect your rights, and navigate the complex legal process. Don't hesitate to reach out for assistance.