X, Y, and Z borrowed P3 million from J. The parties stipulated in a written contract that the debt would be paid after 2 years with an interest rate of 50% per annum.

1.discusshow the current rules governing usury in the Philippines will affect the validity of the contract, as well as J's chances of collecting the stipulated interest through court proceedings.

2.explain clearly what the legal consequences will be if everX becomes insolvent as a joint co-debtor. How would the consequences differ if X becomes insolvent as a solidary co-debtor instead?

based: Law on obligation and contract (Philippines)