Looking to buy a property but am concerned about a similar real estate 1990s crash happening. If my property were to go extremely underwater and I decide to default on payments and declare bankruptcy, would the Japanese government be able to pursue foreign, overseas assets?
Most of my net worth is in US $ and I have no plans of moving it over to Japan except for daily expenses.
Wondering if anyone has looked into how bankruptcy works here for financial planning purposes. In the US you would lose all your credit score and not be able to borrow for many years, but since Japan doesn't seem to have a credit score system, wondering what exactly plays out in the event of a bankruptcy.
by floxik