Are there bankruptsy laws in Thailand, such as to protect ones home from seizure and sale by credit card companies, Thai credit card companies that is. Question involves a Thai national and her small home.
Thanks
HHS
Bankruptsy Laws in Thailand?
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huahinsimon
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Bankruptsy Laws in Thailand?
The devil made me do it the first time.
The second time I did it on my own.
When I finally got to the land of milk and honey, the milkman shot me
Happy wife, Happy life!
The second time I did it on my own.
When I finally got to the land of milk and honey, the milkman shot me
Happy wife, Happy life!
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Guess
- Deceased
- Posts: 3470
- Joined: Fri Jul 22, 2005 3:01 pm
- Location: BangSaphan. Laurasia. Sub thumb
I've answered this one already but has disappeared so here we go again.
Yes there are bankruptcy laws in Thailand in fact most civil law is taken from European. mainly British, law.
Can you implement it or can it protect you. Unlikely. Thailand laws a very flexible and allow for each case to be judged on its own merit.
So, the nature of the case, who you know, what you know, ditto for your lawyer, and of course money all play a part.
I don't believe that it is possible to get placed in custody for debt but your home is not safe. Most people who face bankruptcy just do a runner and start up somewhere else.
Credit checking is in its infancy in Thailand so anybody with any savvy will get mortgaged up to the hilt before the sharks start to bite.
Money is easy to hide here especially if you have trustworthy family and friends.
I could probably say more if I knew the details of the bankruptcy and the individual/company who is threatening to enforce the debt recovery.
There are companies who will roll up debts if you have assets such as houses, cars and motorcycles and pay your creditors but their interest rates are extortionate. Sometimes better than losing everything though.
Yes there are bankruptcy laws in Thailand in fact most civil law is taken from European. mainly British, law.
Can you implement it or can it protect you. Unlikely. Thailand laws a very flexible and allow for each case to be judged on its own merit.
So, the nature of the case, who you know, what you know, ditto for your lawyer, and of course money all play a part.
I don't believe that it is possible to get placed in custody for debt but your home is not safe. Most people who face bankruptcy just do a runner and start up somewhere else.
Credit checking is in its infancy in Thailand so anybody with any savvy will get mortgaged up to the hilt before the sharks start to bite.
Money is easy to hide here especially if you have trustworthy family and friends.
I could probably say more if I knew the details of the bankruptcy and the individual/company who is threatening to enforce the debt recovery.
There are companies who will roll up debts if you have assets such as houses, cars and motorcycles and pay your creditors but their interest rates are extortionate. Sometimes better than losing everything though.
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