What Happens If Somebody Goes Bankrupt?

[marcoCM]

my question is what happens if somebody goes bankrupt? my wife's sister had cancer and we help'd her out in getting a loan on my wife's name to cover the bills...sad story but she didn't survive so we sit in debts of about 1.3 mil THB and gotta pay 40k THB every month back to the bank.

now all our savings are gone and we gotta do something cause we just can't affort it and didn't pay for 3 months...now we got a call from a lawyer who said it gonna go to the court because we didn't pay.

if somebody has some advice/experience what to do now or what will happen to my wife i really would be thankful cause i'm getting crazy...

[Sunbelt Asia]

Any creditor owed more than Baht 2 million by a corporate debtor or more than Baht 1 million by an individual debtor may file a bankruptcy action against such debtor. However, the debtor must first be proven insolvent. You can declare to the court that you are not able to pay the debts.You should submit a compromise letter to the lawyer but if the Courts declare your wife bankrupt. She can discharge the bankruptcy by petitioning the Court if at least 50% of the assets have been paid and the bankrupt is not a dishonest person.

[sunbelt][/sunbelt]