Recommendations on Relief from Unreasonable Debt including Double Loan Payments as a Result of the Great East Japan Earthquake
About the Recommendations
The Japan Federation of Bar Associations (JFBA) adopted the “Recommendations on Relief from Unreasonable Debt including Double Loans as a Result of the Great East Japan Earthquake,” on April 22, 2011, aiming to facilitate the reconstruction of lives and the recovery of independence of people affected by the Great East Japan Earthquake, and submitted them to the Financial Services Agency and the Small and Medium Enterprise Agency.
Outline of the Recommendations
Due to the Great East Japan Earthquake and the subsequent nuclear plant accident, victims’ property, which had loans that had not been paid off, was lost or damaged. These recommendations aim to allow creditors (financial institutions) to write off debts from these victims through simple procedures if they have to take out new loans equivalent to the existing loans as it is impossible or difficult for victims to pay the existing loans or they need new loans to support their lives.
April 22, 2011
Kenji Utsunomiya
President
Japan Federation of Bar Associations
