Bankruptcy Laws for Thai individuals

[skippybangkok]

Know Thai person who is being pursued for money by banks and is really drowning ( personal loans ). Can they declare personal bankruptcy ?

If so, what are the long term impacts on their life ?

Thx

[kannot]

With their, oh so responsible attitude, I would think "nothing"

[uksomchai]

With their, oh so responsible attitude, I would think "nothing"

A really helpful posting considering you know absolutely nothing about their circumstances

OP maybe this would be better posted in the ask the lawyer section.

TV used to be the place to come for helpful advice.

Not any more it seems as it is full of ( Add your own expletive here ) !

[skippybangkok]

With their, oh so responsible attitude, I would think "nothing"

A really helpful posting considering you know absolutely nothing about their circumstances

OP maybe this would be better posted in the ask the lawyer section.

TV used to be the place to come for helpful advice.

Not any more it seems as it is full of ( Add your own expletive here ) !

Thanks... Will try there ( mods... Can move this ? ) . As for the other op.... Zzz

[beachproperty]

First off....if Thailand does have bankruptcy laws (which they do)....he would have to hire an attorney to pursue in court. Suspect he doesn't have money to pay the attorney!

Secondly, I believe the creditors can file bankruptcy against the indebted borrower so that the court judgement allows them to go after whatever assets he has (real property, car etc}

Lastly if he did.....What's his life worth then? Remember this is Thailand and hiring someone to "Take care" of someone else is always available.

BUT as said before ...probably best to ask in the "ask the lawyer" section

Edited August 14, 2015 by beachproperty

[skippybangkok]

First off....if Thailand does have bankruptcy laws (which they do)....he would have to hire an attorney to pursue in court. Suspect he doesn't have money to pay the attorney!

Secondly, I believe the creditors can file bankruptcy against the indebted borrower so that the court judgement allows them to go after whatever assets he has (real property, car etc}

Lastly if he did.....What's his life worth then? Remember this is Thailand and hiring someone to "Take care" of someone else is always available.

BUT as said before ...probably best to ask in the "ask the lawyer" section

Thx

"Being taken care of", i doubt it would be worth the loss of face for a public listed bank. That would maybe the black market stuff. Legal bills, i can handle.

Thx - will explore, would be good to see them get back in their feet

Edited August 14, 2015 by skippybangkok

[Farma]

The information on this link may be of interest although it mostly pertains to company bankruptcy.

From the Thailand Business and legal Guide

Chapter 25

Bankruptcy, Liquidation and Corporate Restructuring

http://www.bia.co.th/029.html

Edited August 14, 2015 by Farma

[blackcab]

There is a comprehensive guide here:

http://www.tilleke.com/sites/default/files/Bankrutpcy-Law-in-Thailand.pdf

[beachproperty]

First off....if Thailand does have bankruptcy laws (which they do)....he would have to hire an attorney to pursue in court. Suspect he doesn't have money to pay the attorney!

Secondly, I believe the creditors can file bankruptcy against the indebted borrower so that the court judgement allows them to go after whatever assets he has (real property, car etc}

Lastly if he did.....What's his life worth then? Remember this is Thailand and hiring someone to "Take care" of someone else is always available.

BUT as said before ...probably best to ask in the "ask the lawyer" section

Thx

"Being taken care of", i doubt it would be worth the loss of face for a public listed bank. That would maybe the black market stuff. Legal bills, i can handle.

Thx - will explore, would be good to see them get back in their feet

I think you are being somewhat naive, if you don't think that the bank employee who was responsible for approving the loan to a "dead-beat" doesn't lose face with his Bank and boss....and what "he" might do in response. Obviously, he is already harassing your friend to get the money back.

Again ...I say....this is Thailand ....I don't think you can rule anything out. Probably the next step is for said bank employee to hire a few "off duty" policemen (who will get a percentage of what they can collect) to visit your friend to see if they can resolve this.

Edited August 14, 2015 by beachproperty

[skippybangkok]

There is a comprehensive guide here:

http://www.tilleke.com/sites/default/files/Bankrutpcy-Law-in-Thailand.pdf

Thanks - helps a lot

@ beachproperty - thanks for you feedback. Yep, i believe such shit happens, but not for small amounts of dinero and public listed companies such as banks would not want the attention.

[beachproperty]

There is a comprehensive guide here:

http://www.tilleke.com/sites/default/files/Bankrutpcy-Law-in-Thailand.pdf

Thanks - helps a lot

@ beachproperty - thanks for you feedback. Yep, i believe such shit happens, but not for small amounts of dinero and public listed companies such as banks would not want the attention.

If it's such a small amount of money....and your willing to pay his legal fees for bankruptcy (as you indicated earlier)......Why not just pay off his loans to the Banks for him.....Problem solved

Just another thought....you can always offer them less than what is owed (50%) to wipe the debts clean. That's what one Thai I know did when visited by the off duty police. "Can't get blood from a turnip"

Edited August 15, 2015 by beachproperty

[blackcab]

You could try that for sure. Especially since after being made bankrupt your friend could pay 50% of his debts then apply to be discharged.

So the creditors could take 50% now or 50% later.

[skippybangkok]

Thanks