Bankruptcy In Thailand

[Zen]

Hi

I wonder what happens when a person is declared bankrupt in Thailand? I'm asking this on behalf of my Thai friend. Her mum owns 2 motorcycles and 1 pick up. Recently when the mum bought an insurance package, the insurance agent got back to her and said that they couldn't process her application because she's in the process of being declared bankrupt. I think this bankruptcy is related to a house which the mum and dad bought together many years ago but was repossessed by the bank as they couldn't pay the installments.

Today someone went to their house and told them the pick-up will be repossessed within 7 days, because the pick-up is under the mum's name, and my friend is the guarantor.The installments had been paid very timely, never late. One of the motorcycles have been fully paid up.

The mum doesn't know anything about all these, so they don't know what's coming to them.

I understand that a bankrupt person is not allowed to own any property nor have any money in the bank account. I suggested to my friend that the mum withdraws all her money from the banks and keep cash with her instead. As for the pick-up and the motorcycles, i suggested that the mum "sell" the vehicles to my friend and her brother who is 21 years old.

What else should my friend and her mum becareful of?