Bayad utang! Nilo Divina tackles a debtor dilemma
University of Santo Tomas Civil Law Dean Nilo Divina recently published the legalities behind debts. The abogado presented the legal remedies available to debtors who could not pay off their dues.
In the article, Divina listed down the options a debtor can take once his or her creditor comes knocking on the door. The DivinaLaw managing partner’s primary solution is to file a petition for suspension of payments to solve the insolvency.
Through the petition, the abogado shared that the debtor can buy more time to liquidate the assets and cover the debts. However, he also noted that one can apply to be discharged of his or her debts if there are really no means to pay or sufficient assets to cover.
In short, be careful who you make your pautangs to!