The story revolves around a Japanese citizen who finds themselves in despair after inheriting the 'negative asset,' or debt, of their late father. The individual now faces the overwhelming financial obligation to cover the management fees of their father's assets, which were marred with debt. This incident shines a light on the legal stipulation in Japanese law that permits the inheritance of debt, a regulation that is proving to be a burden for some families.
In Japan, where familial values are deep-rooted in the society, it is common for the next of kin to inherit all assets of the deceased, including any debt. People generally accept this as it's a part of the national legislation. However, when large debts are involved, it can become a problematic and highly stressful situation. Issues related to debt inheritance often invoke widespread sympathy and a desire for change in the inheritance laws.
Unlike Japan, in the US and the EU, there are protection laws that prevent individuals from inheriting debt. In most cases, the deceased’s debt becomes the responsibility of their estate. If the estate has insufficient assets to cover the debt, it's generally written off by creditors, and loved ones aren't obligated to pay.