credit card loan

what if po nagdemanda ang ng civil case ang company regarding sa sum of money, ano po kaya gagawin sa court nun? papagbayarin pa rin po ba kami nun? kahit na wala po talaga kaming means para mabayaran yun.

The courts will decide on the case depending on the evidences presented and the merits of the allegations.

If the court decides against you and asks you to pay the sum of money, they will then decide how the amount shall be paid. If there is not enough cash to pay the whole obligation, then the court will take that into consideration and suggest a staggered mode of payment (installment) if your lawyer will pray for that. Moreover, the court might also decide to have your other assets be liquidated for the obligation to be paid.

Talk to a lawyer and assess your options. Better yet, talk to the lending company and have your loan payment restructured in such a way that you will be able to pay in accordance with your current financial status.

Good luck.

so we still ended up in paying our debts right? what if kung wala ka na po talagang pambayad? kasi wala ka naman pong trabaho?

IT DEPENDS WHAT THE COURTS WILL DECIDE. Nothing can be made sure of at this stage.

Pero if the evidence presented against you defeats your side, then most likely the courts will decide against you.

YES, THE OBLIGATION MUST BE PAID. There are other ways in having the debt paid, like in installment basis or by selling some of your real/personal property to settle the debt.

Why must the debt be paid? Because it is, as per our laws, UNJUST ENRICHMENT. Even without our laws, debts must be paid since it is a moral obligation to return what we have borrowed.

Again, you must speak to a lawyer to know your options.

Okay thanks to your help sir.

tapos meron po kasing tumatawag na lawyer samin regarding nga sa utang namin sa bangko. tapos sinasabi po niya na isettle na nga daw po namin yung utang namin. tanong ko lang po sa kanya po ba kami dapat makipagsettle? and sa collector din po ba nila kami magbabayad? tsaka paano po namin malalaman na totoo yung lawyer and yung collector?

GO TO THE BANK DIRECTLY TO SETTLE YOUR OBLIGATION, if you have doubts as to the veracity of the collector's claims.

It is always safer to transact with the bank directly where you have an obligation with. Have everything documented and always ask for your own personal copy for your perusal.

okay thank you for your big help sir.

You're welcome.

Good luck on your case.

Good day sir!

Paano po ba mag apply ng bankruptcy?

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

kapag po ba nagfile ng bankruptcy, mawawala na po ba utang namin nun?

http://attylaserna.blogspot.com/2013/10/bankruptcy-and-foreclosure-5-things-to.html

It depends on what kind of bankruptcy you will file before the courts.

Under Chapter 7 of the FRIA law, all your assets (save for a few exempted ones under the law) shall be liquidated and given to the creditors. If the court will allow this petition for bankruptcy, then all your liquidated properties shall be considered as enough payment and will end your monetary obligation. Take note that the court HAS TO APPROVE this first, so it depends entirely on the evidences you will show the court that you are completely unable to pay the whole obligation.

Under Chapter 14 of the FRIA law, your assets shall also be sold off and distributed propertionally to the creditors. The remaining debt then shall be subject to a refinancing payment play for 3-5 years (depending on the court's discretion) that will allow you to pay off the remaining debt in accordance with your current financial status.

okay sir noted. thank you.

mas mainam na po bang mag file ng bankruptcy ng mas maaga habang wala pang kaso?

It would be best if you address your question to a lawyer well-versed in civil law so that he can give you the necessary legal advice you are seeking.

I am still a law student, so I cannot - in good conscience - safely say what should you do with your current situation.

Apologies, and good luck.

okay sir. thank you.

You're welcome.

Good luck on your case.

Godspeed.