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Can an individual file bankruptcy?

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1 Can an individual file bankruptcy? on Sat Jun 02, 2012 2:21 am

bg.twins


Arresto Menor
Good morning. I would just like to know if an individual can file bankruptcy. I have been unemployed for 7mos now. I have lots of loans that i wasnt able to pay as of this date because i have no work right now. I'm not running away from my obligations. however, right now i don;t have the means to pay all my loans/debts. Ayaw nila pumayag na stop na ung interest. How can I pay them if the interest is still running. The interest rates that I encountered are 5%, 7%, 8%, 10% and 20%.

My questions are:
1. can i file for bankruptcy? if yes, what are the consequences of doing such.
2. what should be the standard interest rate of individuals who are into lending. What is the allowable interest rate, under Philippine Law, when it comes to imposing interest rate.

I'm not running away form my obligations, I just need more time to come up with the money so i could pay them all. My total obligations already reached 700k due to incurred interest. What can you suggest/advise. I have no other source of income right now.

Please enlighten me. Thank you.

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2 Re: Can an individual file bankruptcy? on Sun Jun 03, 2012 12:31 pm

attyLLL


moderator
1) yes, give up all your property
2) no limit but courts have reduced them if beyond 3 percent per month


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3 Re: Can an individual file bankruptcy? on Tue Jun 05, 2012 1:24 am

bg.twins


Arresto Menor
Gud am po. what if i don't have any properties left? if i file for bankruptcy, will i be able to lift that again? what are the consequences if i file for bankruptcy.

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4 Re: Can an individual file bankruptcy? on Sat Jun 09, 2012 11:18 am

attyLLL


moderator
you will be left with no properties but no debts


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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5 Re: Can an individual file bankruptcy? on Mon Aug 06, 2012 4:46 pm

jhenny


Arresto Menor
Good day,

I want to know how to file bankruptcy(individual.. currently unemployed, no property and cannot pay my debts for credit card and personal loan.. i need your help badly. thank you

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