Can an individual file bankruptcy?

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.

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

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.

you will be left with no properties but no debts

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

how to file for (individual) bankruptcy? what are the consequences? currently employed but insufficient income to pay off credit card debts. no existing property.

attyLLL wrote:you will be left with no properties but no debts

Hi, I'm just curious, when you said "no properties" does it literally include even one's possessions like appliances, etc? As is you will only have the clothes on your back? I'm really clueless I apologize.

Thanks,