Was told bankruptcy means government worker loses job?

[Elkski]

I will try to keep this brief.  I know a 45 yr old school director in Thailand who has over 3 million in debt.  

Take home pay is like 37,000 and monthly loan deductions are 31,000 so she is having problems.   Duh.     I told her She needs to sell the house and land but it is probably worth much less than she owes. She actually spends most nights living in s room closer to her school.  I think house only worth  Like 1 million my rough guess.  Needs new roof.  Really!  Lol

I told her I think she needs to talk to Professionals at the bank  and a lawyer about the possibility of bankruptcy. She has a daughter who has scholarship to uni but still needs 5000 baht a month and a son who needs 2,000 baht a month for tutor.  She tells me if government worker goes bankrupt they will lose their commission and job, plus face.  Yes she worried about face.  

 

She said she does not have a enough money to pay for a bankruptcy lawyer.   I imagine  they may have way to collect?.  What are the bankruptcy rules in Thailand? how hard are they to do? can it solve This Woman's problem?  why did the government loan her so much money?  

Being 5 years away from eligibility of pension it's important if she would lose her job.

Edited May 4, 2018 by Elkski

[BEVUP]

You may pretty well have summed it up

 

Yes amazing that she was given that amount considering repayments against wage (even though they get cheap loans )

 

But also amazing she accepted as to how in the hell was she going to pay this back 

 

How has she been managing up to now with only 6000 a mth 

 

[Elkski]

It's been a downhill  but a little over a year ago she got 200,000  more loan.  She has had some big car repair bills.   

It's real sad as she has considered prostitution or her other solution is to find a farang who will come live with her and use his money to live on

[NutsMango]

The question is - for what she spent 3 million thb if she has nothing to show for it?

[Elkski]

She incurred the debt from the 3 Rai if land, fill and house, getting masters degree, raising 2 children alone, car, living expenses,  living expenses and books for sophomore in BKK University for science degree ( on scholarship), filling in more land and building carwash. But after 5 years car wash lessee moved or went out of business.   I have no idea about how much the land or house is Worth.  Getting accurate information out if Thai women is like pulling hens teeth.  She   Probably did a fair bit of living above her means.   There is an image thing.  So much socializing fir big wig government workers.  

I guess these 3 loans are through the teacher  education co-op or something like that.   Directly deducted from her pay.  The Interest I calculated from payment amount and time period looks to be 6%>. But she says it's variable so didn't give me that bit of standard loan info.   I assume the interest rate is tied to  the national rate or something.       The main loan expires 2045.  The other ones sooner but not soon enough.    She would be like 61 when last loan expires.  

She defends herself by telling me all government workers have debt like this.   I told her that is definitely untrue.    So far advice on how bankruptcy works in Thailand.  

[MaeJoMTB]

16 hours ago, Elkski said:

Take home pay is like 37,000 and monthly loan deductions are 31,000 so she is having problems. 

School directors usually scam a lot of money from the school and students.

I would assume she was lying to you in order to scam some more money out of you.

Never believe a Thai woman telling you she needs money.

Edited May 5, 2018 by MaeJoMTB

[Elkski]

I'm aware of scams.  I won't be bailing this gal out.  I do believe her.  It's sad.  I just figured there might be some guys here with knowledge on if there is a way to get out of debt.  

[MaeJoMTB]

10 minutes ago, Elkski said:

I'm aware of scams.  I won't be bailing this gal out.  I do believe her.  It's sad.  I just figured there might be some guys here with knowledge on if there is a way to get out of debt.  

You get taken to court for not paying debt by someone who wants their money (pointless).

You are declared bankrupt by the court who stop you owning land, bank accounts and motor vehicles for 5 years.

Every year you get a letter asking for the money, after 5 years you are back to normal, debt free.

Have no idea about people with government jobs.

 

Happened to my wife, during her bankruptcy she transferred ownership of her m/c to her mum (just in case), the month after her bankruptcy expired she got a home loan for 1.5Mbht using forged pay slips.

Edited May 5, 2018 by MaeJoMTB

[BEVUP]

7 hours ago, Elkski said:

The main loan expires 2045.  The other ones sooner but not soon enough.    She would be like 61 when last loan expires.  

This doesn't add up, you must of made a mistake

You quoted " Being 5 years away from eligibility of pension it's important if she would lose her job."

[Elkski]

Government workers can retire with a pension after 25 years of service.  Yes most retire at 60. Pension formula is  years of service / 50 times average of last 3 years base pay from the documents I've read. I read something about the bank or creditor must file bankruptcy on you?  Seems crazy.  It seems like she could tell government to stop taking money out of her paycheck but maybe not?    I also read there was consideration of new legislation letting the loanee be able to file for bankruptcy.  

Edited May 5, 2018 by Elkski

[Bob12345]

So if you go bankrupt you lose your job as a government worker? Sounds very counterproductive, you sure this is true (or someone else) ?

[LukKrueng]

4 hours ago, BEVUP said:

This doesn't add up, you must of made a mistake

You quoted " Being 5 years away from eligibility of pension it's important if she would lose her job."

no, it doesn't. being 61 in 2045 means she is about 34 now. In the op it says she has a child in university which means at least 18 years old. That means she gave birth at age 16 our less.... So how could she complete her school+uni and become a school director?

[Juan B Tong]

How seriously is she about getting into prostitution?

 

I might be able to help her.

[BEVUP]

Well she has to sell the Car wash set up for starters & then consolidate all loans if they aren't already

 

Somehow I have a funny feeling these 3 loans aren't with the Teachers bank (maybe one ) - Just looking at it this way ! , Why didn't the Teachers bank just increase her initial loan. But you have mentioned that they deduct from her pay (as far as you know )

[Baerboxer]

8 hours ago, MaeJoMTB said:

School directors usually scam a lot of money from the school and students.

I would assume she was lying to you in order to scam some more money out of you.

Never believe a Thai woman telling you she needs money.

 

Normally I hate stereotyping but it does seem something in the genes!

 

Every person I know married to a Thai lady, regardless of the background previous / current profession of that lady, grumbles about the ever increasing requests for money. Money to be spent however they want, with constantly changing stories and very bad reactions to requests for accountability and responsibility. Every divorce I've come across involving a Thai lady has money as the root problem - and they're expectation that their husband is a never ending source who should never ever ask questions. 

 

On the balance of probables, I agree. She's hoping for some contributions!

[ThailandLOS]

On 5/4/2018 at 2:49 PM, Elkski said:

It's real sad as she has considered prostitution or her other solution is to find a farang who will come live with her and use his money to live on

Sounds like the same solution to me

 

[BEVUP]

4 minutes ago, ThailandLOS said:

Sounds like the same solution to me

 

+ 1 

One of the wifes relo's is still trying 

[GLewis]

15 hours ago, Elkski said:

She incurred the debt from the 3 Rai if land, fill and house, getting masters degree, raising 2 children alone, car, living expenses,  living expenses and books for sophomore in BKK University for science degree ( on scholarship), filling in more land and building carwash. But after 5 years car wash lessee moved or went out of business.   I have no idea about how much the land or house is Worth.  Getting accurate information out if Thai women is like pulling hens teeth.  She   Probably did a fair bit of living above her means.   There is an image thing.  So much socializing fir big wig government workers.  

I guess these 3 loans are through the teacher  education co-op or something like that.   Directly deducted from her pay.  The Interest I calculated from payment amount and time period looks to be 6%>. But she says it's variable so didn't give me that bit of standard loan info.   I assume the interest rate is tied to  the national rate or something.       The main loan expires 2045.  The other ones sooner but not soon enough.    She would be like 61 when last loan expires.  

She defends herself by telling me all government workers have debt like this.   I told her that is definitely untrue.    So far advice on how bankruptcy works in Thailand.  

Nothing adds up to me I think 99% of her side is BS.  Because there is not one mention of mother or father in all this and just the debtor has said she has a uni degree and masters.  Her parents paid for that. Thailand has a very very close family structure. I simply dont believe her. She probably is a salt of the earth women who lost 3 million baht by blowing it somehow. My guess would be on some "easy money" scheme.  I also do not believe there is some technical rule that government workers face all the penalties described.   

[Thingamabob]

Stay away from this. Do not get involved.

[Elkski]

I may have made one mistake. She would be 70+ in 2045.  

Unfortunately carwash building ( roof damaged in strong wind) is on house lot.  30 m from house.  All other things I believe are true.  Very poor family.  

My take on  this situation is this is  first generation in her family to get University degrees and buy car and house, then Thai husband dumped her and 2 kids at 35 for younger woman and never looked back.  

Still seeking bankruptcy advice.   

You guys must be real bored to post some of this crap. 

[SOTIRIOS]

....you mention.......she expressed her thoughts of milking a hapless farang....

 

 

...you probably don't even know half of it...

 

...and you are making yourself her accomplice here....

 

...thanks...

 

[saakura]

OP what is your interest in this woman, are you bonking her?

[Elkski]

This woman is a good friend.  She is wanting to find a partner for life.  She isn't a scammer but I think she can see a farang can provide living budget.  But she is taking responsibility and will pay off most of her debt.  Her thinking is flawed however because western men look at a couples finances as related.  It would be Silly for his investment money making 2% while she is paying 6%.   

If a man had four million baht to pay off this debt and fix her house up he would have a very wonderful wife, house, her pension and health benefits,  with some other very special attributes.   I think She is over my price range unless I was 65+ not 57. 

Edited May 5, 2018 by Elkski

[totally thaied up]

Over the years, I have met several girls who have gone bankrupt. Many in business and others with big debts after the farang husband had bailed and gone home.  They tried to keep up to the 'Jones' after the divorces and fell into a pit. All that I encountered that have gone bankrupt had two major problems. Living well above their means and having ' face problems.'

 
Selling herself won't fix the problem. I know one girl now on the streets that is bankrupt that was selling her behind, and she is terrified her friends will find out. If she wants to get a farang, god forbid the guy who gets her with such debt. Who wants to be the fall guy? You know what you can get here for 4 million? A younger girl with no problems, no kids and most of all, no debt such as this. Plenty of great women around with no such problems and some have got money, houses, and jobs as well.

 

Going bankrupt it the last thing you can do if all else fails. She will not be able to leave the country, and many restrictions are placed on you for five years. To add to it all, one girl I know had the people still chasing her for cash seven years later after going bankrupt and these guys were not the sort of people you say no to easily.

 

Sure by law, your clean but people talk and NEVER forget especially in small areas.

 

11 hours ago, Baerboxer said:

On the balance of probables, I agree. She's hoping for some contributions!

I agree. The poor me card suckers in a lot of people. You only got to look at GoFundMe.

 

Bankruptcy follows you. Sure, you can get around it all doing dodgy shat but I would not want to be looking over my shoulder all the time.

Edited May 5, 2018 by totally thaied up
added content - spelling

[newatthis]

OP:

I did a very quick search and found this article:

http://www.thailawforum.com/articles/kanok-jullamon.html

 

2nd last sentence of the 1st paragraph is what you asked about. But please note: it is an article from a Law Journal and it is 2007.

All the best in your further searches.

[Elkski]

Thanks new,. I found that proposal for change but speed read it since it was just that.  But I see that 2nd line from end of first paragraph.  The last line of same paragraph sums up the stupidity of it.  

 

Basically they have her by the balls.  So no wonder her salary seems low.  She can't leave. 

Edited May 6, 2018 by Elkski

[matador007]

8 hours ago, newatthis said:

OP:

I did a very quick search and found this article:

http://www.thailawforum.com/articles/kanok-jullamon.html

 

2nd last sentence of the 1st paragraph is what you asked about. But please note: it is an article from a Law Journal and it is 2007.

All the best in your further searches.

Nice article find.  I like this from the article:

"When one has a financial problem, the problem may not come from one's mismanagement or dishonesty."

 

I wish this was in the bankruptcy laws around the world, including Thailand.

If you go start buying lavish things, then say "oh well, that didnt work out" and knowingly have a way out with the big B.

The sad part is, a lot of Bankruptcy is basically "one's mismanagement".

Now having to quit your job, that really is an incredible rule -- but you can sort of make sense of it.

Not saying all Government jobs fall under this, but anything Finance related makes sense.
 

That said, could argue that one could be re-allocated to another job that doesn't involve the Finance aspect, and not lose their job.  That seems reasonable to me.

Anyway, back to the OP -- 3 Million at 30k/month, seems like it could clear in 8-9 years without further pay raises/contributions.

Tough bananas.  Hopefully with some honesty, some close relatives could help out to shorten that.  Then they could get repaid at a slower rate or such.

 

Good luck to all.

[MyFriend You]

On 5/5/2018 at 10:37 AM, Juan B Tong said:

How seriously is she about getting into prostitution?

 

I might be able to help her.

She's 45 years old - 40 years associated with Thaaland and I have neer seen a 45yo hooker, who would want one??  20 yrs too old for me

[mstevens]

On 5/6/2018 at 2:18 AM, Elkski said:

If a man had four million baht to pay off this debt and fix her house up he would have a very wonderful wife, house, her pension and health benefits,  with some other very special attributes.

I intend no disrespect to you or this lady, but what a bad idea this sounds like.  This woman is terrible with money - and the idea that someone should essentially pay $USD 130,000 to enter in to a relationship with her is something I find, well, dumbfounding!  I don't like to use cliches but.....there are plenty more fish in the sea!

Edited May 6, 2018 by mstevens