Make specific mediation before declaring bankruptcy

As a defensive measure before declaring bankruptcy, a law called “Act on Specified Mediation for Promoting Adjustment of Specified Debt, etc.” was enforced from July 2000. The condition under which this specific arbitration law applies is that the debtor may be insolvent. At this time, the interests of monetary debt can be arbitrated. For example, let’s say you’re on the verge of bankruptcy because your monthly repayments have increased due to multiple cash loans. In such a case, you can carry out a specific arbitration procedure so that you can repay. The petition for specific mediation must be made by the person who has the debt to be repaid. However, as an exception, a lawyer or a scrivener who has completed the prescribed training can stand on your behalf. For example, if you recalculate the total amount of repayment so far and have paid interest that exceeds the real annual interest rate of 18% stipulated by the Interest Rate Restriction Act, mediation such as having the interest returned too much due to overpayment be returned. Is possible. It is possible to incorporate the extra interest that you do not have to pay into the principal and use it. In this way, it is possible to reduce or cut the monthly payment amount and total repayment amount in specific arbitration. Some people have escaped bankruptcy through mediation. Even those who had no choice but to go bankrupt until then can now find a way out by this “Act on Specified Mediation for Promoting Adjustment of Specified Debt, etc.”

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