About Bankruptcy & Debt Law in Chiang Mai, Thailand:
Bankruptcy and Debt Law in Chiang Mai, and by extension Thailand, is an area of legal practice focused on helping individuals and businesses negotiate, restructure and sometimes discharge their debts. Bankruptcy law is governed primarily by the Bankruptcy Act B.E. 2483 (1940), which has been refined over the years. The law applies universally, including in cities like Chiang Mai.
Why You May Need a Lawyer:
Legal advice is crucial when dealing with significant debts. Individuals often require an attorney to understand their rights and potential courses of action. In situations where debt has become unmanageable, a lawyer can provide guidance on bankruptcy and the implications that follow, such as asset liquidation or restructuring of debt. Businesses facing difficulties meeting financial obligations can greatly benefit from a lawyer's expertise in developing a strategy to restructure their debts or enter into bankruptcy.
Local Laws Overview:
The Bankruptcy law in Thailand encompasses both liquidation, laid out in sections 81 to 182 of the Act, and debt restructuring defined in section 90/3 to 90/46. Individuals are eligible to file for bankruptcy if they have a minimum of THB 1 Million in outstanding debts. The laws provide for the discharge of debts and protection from creditors, under specific conditions. However, certain obligations, such as government taxes or child support, cannot be discharged under Thai bankruptcy laws.
Frequently Asked Questions:
1. Who can file for bankruptcy in Chiang Mai, Thailand? Any person who resides in Thailand (Thai nationals or foreigners) and has amassed more than THB 1 million in debt can file for bankruptcy.
2. Is all debt dischargeable under Thai Bankruptcy laws? No, not all types of debt are dischargeable. Certain obligations or debts like government taxes, court fines, or child support payments cannot be discharged.
3. What happens to my property when I file for bankruptcy? All property, excluding certain exemptions, may be sold to repay creditors. There are exceptions for property deemed as necessary for a modest standard of living and livelihood.
4. Can my business remain operational under bankruptcy? Companies that undergo debt restructuring can continue to operate. However, in the case of liquidation, a business’s operations typically cease.
5. How long does a bankruptcy filing remain on my credit record in Thailand? A bankruptcy filing typically remains on your personal credit report for ten years in Thailand.
Additional Resources:
The Legal Execution Department under the Ministry of Justice administers bankruptcy procedures in Thailand. Apart from this, various legal aid organizations offer advice and representation for those facing bankruptcy in Chiang Mai and other regions of Thailand. The Chiang Mai University Legal Clinic, for example, offers services to the general public, as well as training for law students.
Next Steps:
If you find yourself in need of legal assistance regarding Bankruptcy and Debt laws in Chiang Mai, your first step should be to seek legal counsel. Your attorney can help you understand your rights, offer guidance on your possible courses of action and, if necessary, accompany you through the bankruptcy filing process.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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