Best Bankruptcy & Debt Lawyers in Makati City

About Bankruptcy & Debt Law in Makati City, Philippines:

Bankruptcy & Debt law in Makati City, Philippines, governs the legal processes and protections available to individuals and businesses struggling with financial difficulties. This area of law provides a framework for debtors to seek relief from overwhelming debts while also ensuring that creditors' rights are protected.

Why You May Need a Lawyer:

There are various situations where you may need a lawyer specializing in Bankruptcy & Debt law in Makati City. Some common scenarios include facing imminent foreclosure, being overwhelmed by debts, receiving collection calls or letters from creditors, or needing guidance on debt repayment options.

Local Laws Overview:

In Makati City, Philippines, the Bankruptcy & Debt law is primarily based on the provisions of the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. This law provides mechanisms for individuals and businesses to restructure their debts, undergo financial rehabilitation, or declare bankruptcy. It also outlines the rights and responsibilities of debtors and creditors in the debt resolution process.

Frequently Asked Questions:

1. What is the difference between bankruptcy and debt restructuring?

Bankruptcy involves liquidating assets to pay off debts, while debt restructuring involves negotiating new repayment terms with creditors to make debt more manageable.

2. How does filing for bankruptcy affect my credit score?

Filing for bankruptcy can have a negative impact on your credit score, but it can also provide a fresh start for individuals overwhelmed by debts.

3. Can all debts be discharged in bankruptcy?

Not all debts can be discharged in bankruptcy, such as child support, alimony, and certain tax debts.

4. What are the eligibility criteria for financial rehabilitation under FRIA?

To qualify for financial rehabilitation under FRIA, an individual or business must be insolvent or facing financial difficulties that make debt restructuring necessary.

5. How long does the bankruptcy process typically take in Makati City?

The bankruptcy process length can vary depending on the complexity of the case, but it typically takes several months to complete.

6. Can creditors continue to pursue me for debts after I file for bankruptcy?

Once you file for bankruptcy, an automatic stay is issued, preventing creditors from pursuing collection actions against you.

7. Do I need a lawyer to file for bankruptcy in Makati City?

While it is not required to have a lawyer to file for bankruptcy, having legal representation can help navigate the complexities of the process and ensure your rights are protected.

8. What are the alternatives to bankruptcy in resolving debt issues?

Alternatives to bankruptcy include debt consolidation, debt settlement, and negotiating with creditors for revised repayment plans.

9. Are there specific exemptions for assets in bankruptcy in Makati City?

Yes, there are specific exemptions for assets in bankruptcy in Makati City, which may vary depending on the nature of the asset and the applicable laws.

10. Can student loans be discharged in bankruptcy?

Student loans are generally not dischargeable in bankruptcy unless the debtor can demonstrate undue hardship.

Additional Resources:

For more information on Bankruptcy & Debt in Makati City, Philippines, you can refer to the website of the Securities and Exchange Commission or seek guidance from the Integrated Bar of the Philippines (IBP) Makati City Chapter.

Next Steps:

If you are facing financial difficulties and require legal assistance in Bankruptcy & Debt in Makati City, it is advisable to consult with a qualified lawyer specializing in this area of law. They can assess your situation, explain your options, and guide you through the process to achieve the best possible outcome for your financial future.