Bankruptcy Advice

[cheynewalk]

I am hoping some members can give me some advice here.

My thai partner has a debt from a previous business she owned of about 1,500,000 baht. This money is owed to various banks, public utilities and individuals she had business dealings with. I met her when her business was in its last throes and when we got into this relationship I explained to her that I was not going to pay her business debt which she agreed to.

That was about 18 months ago. Since we have moved and settled into a new house she has received about 3 visits from individuals to whom she owes money and explained she can't pay. Yesterday however, she received a summons of some sort from 1 of the banks to got to court. She has spoken to a lawyer friend about her options, including bankruptcy, but my thai and her english are not competent enough to communicate the legalities to each other.

From what I can make out the laws seem similar to western countries. If she goes bankrupt, she cannot have a passport, own a business or get credit. This lasts 3 years. Is this correct? Should she voluntarily go into bankruptcy and what does it involve? Will she have to advise all the people she owes money to?

Your advice would be appreciated.

[NotNew2You]

For detailed information and professional legal advice (rather the idle forum speculation), why don't you consult a lawyer. A basic consultation with an English speaking Thai or expatriate lawyer versed in Thai law is not too expensive. There are many in Bangkok. There may be consequences if she ever wants to move with you back to USA...being a bankrupt may be a reason to turn down a USA visa application. I believe it is for a Thai visa.

Edited July 13, 2008 by NotNew2You

[farang555]

whats up with this term people are using now, thai partner?

its germane to topic coz if she has moved into a new house, is it her new house. one you built for her or did you build it togethe?, does she have an interest in the house that creditors can attach thus leaving op out in cold. another one bites the dust so to speak.

another piece of good advice is be very wary of hooking up with people with bad finances of any kind, un less its neverending love of course. love will fade real fast once the

consequences show up.

anyone want to place a wager that i bet lady saw farang as a way out of her debt problems...she gonna live with a guy with money while being broke and owing money to bad dudes, the one that visit her personally. All the while being a happy content girlfriend.

Edited July 13, 2008 by farang555

[GuestHouse]

I met her when her business was in its last throes and when we got into this relationship I explained to her that I was not going to pay her business debt which she agreed to.

I think that was very kind of her.

---

But do get your own legal advice from an English speaking lawyer AND do not formalize your relationship or buy any property or movable goods in her name .. at least until this mess is sorted out.

[farang555]

i bet he already did! get involved financially i mean.!

[keestha]

Once I discussed this subject, in a theoretical way, with Thai people. What I understood is that for (many) Thais, if two people are living as husband and wife (also if not legally married), if one of the partners has debts incurred before she/he started living together with the present partner, then also the present partner is obliged to pay for these debts, maybe even if he/she didn't know about it.

Not every Thai might have the same sense of justice, but be aware that here the clock might tick differently then in the west, where nobody in his right mind would bother you personally about old debts of your live in girlfriend.

Be careful, and I hope you and your girlfriend will find a way out of this predicament.

Edited July 13, 2008 by keestha

[cheynewalk]

Apart from the first poster who provided some advice everybody else seems more concerned about my predicament than answering the question. I am not that stupid to put the house and things in my partners name if I know she owes 1,500,000. For god's sake give me some credit.

Anyway, I read a little myself on an english language thai law website and learned 2 things. Firstly, an individual cannot voluntarily petition for bankruptcy. Creditors must do this and also prove the debt. In this case each individual creditor may find their legal costs in doing this not worth the effort, considering they are going to get nothing anyway. Secondly, the bankruptcy period lasts 3 years. She may get out of this scot free.

[farang555]

we give you credit for getting involved with a partner in debt to the tune of "a lot of money(thai style). congratulations sir.

its more fun to delve into why you are doing what you are doing.

if you want legal schmealgle stuff just go to sunbelt. they not free btw.

man, if people paying her a visit i dont think the y just gonna let her go scot free as you say.

[innovator]

Get to the nearest airport and fly far away and come back at a later date/time, unannounced.

You may have some very dangerous folks showing up at the door for 'Collections'.

[farang555]

can you imagine the joy of the debt collector when he sees bad girl living with a rich farang,