If you are having a hard time making ends meet because you have to make large amount of repayments to your creditor every month, you may get relief by:
Attorney will negotiate with your creditors to reduce and/or restructure your debts.
If the amount of your debts is so large that you may not be able to repay the full amount of your debts even if you restructure them, but you have a steady income and do not want to bankrupt, you may request the court for civil rehabilitation, in which the amount of your debts may be reduced to 20 percent or more of their original amount, and you repay that amount in installments within 3 to 5 years. If you successfully complete the repayment of the reduced amount, you will be discharged from the legal obligation to repay rest of the amount.
If you do not have enough income or assets to repay your debts and you would not be able to repay them even if they were reduced by civil rehabilitation, you may apply for bankruptcy and discharge of all your debts.
* If the amount of unpaid mortgage on the real property is 1.5 times larger or more than the market value of that real property, a receiver may not be appointed.
If none of 1-5 above is applicable, the court may choose to omit the procedure to liquidate your assets to repay your creditor.
FUKUYA BLDG 5th FL