Personal Bankruptcies in Japan Reach Nearly 70,000 in 2021
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The content of the article doesn’t necessarily match the tone of the headline. Bankruptcies are down since last year and down significantly since legislation was passed in 2006.
For comparison, [the UK had 110,022 insolvencies in 2021](https://www.thegazette.co.uk/insolvency/content/104010) of which 8688 were bankruptcies, and [the US had 399,629 personal bankruptcies](https://www.uscourts.gov/news/2022/02/04/bankruptcy-filings-drop-24-percent) in the same year.
Only about 5% of people with unpayable loans file for bankruptcy… I found that an interestingly low figure. I wonder what the others do.
US bankruptcies for 2021 were around 410,000, which on a per capita basis is about 2x Japan. Still, considering there was supposed to be a stronger cultural stigma against bankruptcy in Japan, the Japanese figures are high.