Can an individual file bankruptcy and how?

Hi,

I was searching in Google and happened to see this page regarding subject above. I understand you may not be an Atty. However, I was hoping if I could get any sort of advise regarding my situation.

I was laid off from a company that I used to work for 6yrs and 7mos and still thinking whether I should pursue a lawsuit or not because of my financial situation. Because of this, I got delayed in my payments from my personal loans, the checks I issued bounced and now I'm in even more deep hole full of debts I'm trying to pay off.

My friends (character reference, not even co-maker) and myself are starting to get subpoena threats and I've been asking them to help me by reconstructing the said loans. I have 3 loans.

1. 2mos left
2. 4mos left
3. I was only able to  pay 1 out of 18mos

I really want to settle them soon as I'm able to find a stable job, get regularized. Is there such thing as declaring for individual or personal bankruptcy?

I have no assets at all (house, car) or whatsoever. I'm just a regular person trying to make ends meet from paycheck to paycheck.

I desperately need advise.

Sincerely,

check this

http://business.inquirer.net/210737/filing-for-individual-bankruptcy

You have to file a verified petition in court and inform all your known creditors.

If you have no assets at all that your creditors could go through or attach, a petition for bankruptcy might not be practical and might even be denied outright.

Jadis wrote:You have to file a verified petition in court and inform all your known creditors.

If you have no assets at all that your creditors could go through or attach, a petition for bankruptcy might not be practical and might even be denied outright.

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Thanks for the prompt response. I've been doing a lot of research as I don't know how to proceed anymore. Similar to how I ended in this forum/site. I found an article in Inquirer.net and shoot a message to the person stated below the page but still waiting for a response.

Meanwhile, with regards to your response. How can I file a petition in court? What are the process or what's the first step? Thank you

[quote="xtianjames"]check this


Xtian,

I've actually read that article and sent a msg to that person. Still, he's not an Atty. He's a financial coach & planner. I'm waiting for his response though. I've found this site and that article by randomly searching Google in desperate need of advise or at least procedures on how I can move forward with this.

Hire a lawyer.

@r.suarez
if you want an atty's take on your issue. listen to Ms. Jadis. she is a lawyer.

Thanks everyone, I guess the shortest answer to this question is a no. We don't have a law to protect or to assist people regarding personal loans. BTW, Mr. Efren Cruz (from the inquirer.net article) responded already stating that FRIA is only for those who requires assets.

That the only way or best way is to ask for reconstruction which I've been asking. Anyway, thanks for both of your time. God bless.