Bankruptcy attorney or negotiator in town?

[onlycw]

I've posted in the Banking & Jobs forum about a Thai friend's plight. Drowning in debt, getting sued by a car finance company. 

 

- 102% of his 20 k salary does to debt service. Credit cards, mortgage and the car finance blew up and now he is being sued for 248 k with an instant demand of 108 k.

 

Q: is there a negotiator or BK attorney in town?

 

What about personal bankruptcy?

 

What would be the "protected amount" creditors couldn't grab? 

 

Hope that he can get some advice (perhaps even at the court??). 

[ezzra]

54 minutes ago, onlycw said:

What about personal bankruptcy?

Word to the wise, lawyers in BKK are ridiculously expensive and most of the times don't even justify the some of the fees they're charging,

and if your friend is drowning in debts retaining a local lawyer will be even worse for him,

your friend should declare himself bankrupt ASAP and dispose of any tangible assets anyone can put their hands on, bankruptcy process is a long one and until it get to the courts it will be couple of years, by that time he doesn't  need to service his debts and can be free of the burden of payment,

do consult a lawyer, any lawyer that knows something about bankruptcy,

I could give you a name of a good lawyer but he's pricy...  Good luck...

Edited April 3, 2018 by ezzra

[NancyL]

I know this will seem like I'm getting too personal, but perhaps one reason the person in question has reached out to a make a foreign friend is that 20,000 baht per month to service debt really isn't all that much money and he was looking to make a new friend to finance it. Nor is the "instant demand" (whatever that is) of 108 K.  Heck that's less than US$3500.  Not really a big sum.

 

If the OP doesn't really know his friend all that well, I'd suggest walking from the situation.  Otherwise, an investment $5000 should clean things up.  My husband took on more than that when we married with my student loan debt and it paid off over the years.  We're still together more than forty years later.  

 

 

[roo860]

I know this will seem like I'm getting too personal, but perhaps one reason the person in question has reached out to a make a foreign friend is that 20,000 baht per month to service debt really isn't all that much money and he was looking to make a new friend to finance it. Nor is the "instant demand" (whatever that is) of 108 K.  Heck that's less than US$3500.  Not really a big sum.
 
If the OP doesn't really know his friend all that well, I'd suggest walking from the situation.  Otherwise, an investment $5000 should clean things up.  My husband took on more than that when we married with my student loan debt and it paid off over the years.  We're still together more than forty years later.  
 
 

Nancy, check down the back of your sofa, you might have $5000 in small change, you could always donate that 'small amount ' to him.
[emoji106]

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