Liquidation procedure under the Civil Act, in which inherited property is distributed in consultation with creditors [directly] without going through a court

→ This is possible if the remaining assets are financial assets only or if the debt relationship is not complicated.

→ It's possible even if the remaining assets are more than the debt.

→ Procedures are relatively simple and inexpensive.

※ If you have assets that are difficult to cash in, such as real estate and cars, it is difficult to proceed.

※ Depending on what is discussed with the creditors, the content and scope of the work may change.

※ It is difficult to proceed if consultations with creditors are not smooth or if the rights relationship is complicated.

Liquidation procedures under the Debtor Rehabilitation and Bankruptcy Act in which the court distributes inherited property to creditors through [bankruptcy administrator]

→ As the most objective and fair liquidation procedure, there is little room for liability on heir. It's the best way to safely return to everyday life.

→ It is possible only when the remaining property is less than the debt.

→ It is carried out when it is difficult to liquidate inherited property or when a dispute with creditors is expected.

※ There are many documents that heirs need to prepare, and they are complicated.

※ You may be required to appear in court during the course of the case.

※ Cases take a long time to close and are relatively expensive.