Best Bankruptcy Lawyers in Pasig

About Bankruptcy Law in Pasig, Philippines

Bankruptcy law in Pasig, Philippines is governed by the Republic Act No. 10142, or the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. This law provides a legal framework for individuals and businesses facing financial difficulties to restructure their debts or liquidate their assets in an orderly manner. Bankruptcy proceedings in Pasig are overseen by the Regional Trial Court.

Why You May Need a Lawyer

There are several situations where you may need a lawyer to assist you with bankruptcy in Pasig. These may include:

• Filing for bankruptcy protection
• Negotiating with creditors
• Defending against a bankruptcy filing from a creditor
• Ensuring compliance with bankruptcy laws and procedures

Local Laws Overview

Some key aspects of local laws that are particularly relevant to bankruptcy in Pasig, Philippines include the eligibility criteria for filing for bankruptcy protection, the different types of bankruptcy proceedings available, and the obligations of debtors and creditors during the bankruptcy process.

Frequently Asked Questions

Q: What are the different types of bankruptcy proceedings available in Pasig, Philippines?

A: The two main types of bankruptcy proceedings available in Pasig are liquidation (Chapter 7) and reorganization (Chapter 13).

Q: What are the eligibility criteria for filing for bankruptcy protection in Pasig?

A: To be eligible for bankruptcy protection in Pasig, an individual or business must meet certain income and debt thresholds set by the FRIA.

Q: Can I file for bankruptcy without a lawyer in Pasig?

A: While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal representation to ensure that your rights are protected and that you comply with all legal requirements.

Q: How long does the bankruptcy process typically take in Pasig?

A: The length of the bankruptcy process in Pasig can vary depending on the complexity of the case and the type of bankruptcy proceeding being pursued. It can range from several months to several years.

Q: Will filing for bankruptcy affect my credit score in Pasig?

A: Yes, filing for bankruptcy can have a negative impact on your credit score in Pasig. It may stay on your credit report for several years, making it harder to obtain credit in the future.

Q: Can my debts be discharged in bankruptcy in Pasig?

A: Some debts may be dischargeable in bankruptcy, while others may not. It is important to consult with a lawyer to determine which of your debts may be discharged in bankruptcy.

Q: What are the consequences of not complying with a bankruptcy court order in Pasig?

A: Failing to comply with a bankruptcy court order in Pasig can result in serious consequences, including fines, sanctions, or even dismissal of your case.

Q: Can I keep my assets if I file for bankruptcy in Pasig?

A: The ability to keep your assets in bankruptcy will depend on the type of bankruptcy proceeding you choose and the value of your assets. A lawyer can help you understand your options.

Q: Are there alternatives to bankruptcy in Pasig?

A: Yes, there are alternative debt relief options available in Pasig, such as debt restructuring, debt consolidation, or negotiation with creditors. A lawyer can help you explore these alternatives.

Q: How can I find a reputable bankruptcy lawyer in Pasig?

A: You can find a reputable bankruptcy lawyer in Pasig by asking for recommendations from friends or family, searching online legal directories, or contacting the Integrated Bar of the Philippines for a referral.

Additional Resources

For more information on bankruptcy in Pasig, you can visit the website of the Philippine Bankruptcy and Insolvency Services or consult the Pasig City Bar Association for a list of local lawyers specializing in bankruptcy law.

Next Steps

If you are considering filing for bankruptcy in Pasig or need legal assistance with a bankruptcy matter, contact a reputable bankruptcy lawyer in Pasig to discuss your options and ensure that your rights are protected throughout the process.