QUITS NA!

by Tito Boy on May 6, 2012

Marami ka bang utang?

Kaliwa’t kanan ba ang sumisingil sayong mga credit card companies na halos murahin ka araw-araw dahil sa wala kang pambayad?

Gusto mo bang mawala na lahat ng utang mo at mawala na rin ang mga makukulit na kolektor na pinepeste ka sa text, tawag sa telepono na daig pa ang bumbay?

Na discuss na ‘to dati sa post na Bankrupt, ngunit dahil sa nagbago ang batas, nais ko rin i-update ang aking post tungkol sa voluntary insolvency.

Dahil sa daling kumuha ng credit card ngayon, lahat na lang meron. Ang mahirap dun, tingin ng mga pinoy sa credit card e christmas bonus. Kaskas dito, kaskas doon. Hindi iniisip kung may pambayad o wala, basta may bagong cellphone. Bahala na si Batman.

Pagdating ng singilan, yun kanya-kanyang tago. Yung iba, pilit na binabayaran at halos wala nang sinusweldo kada kinsenas. Kapag may emergency, yun uutang ulit.  Hanggang sa isang araw, wala na siyang ginagawa sa buhay kundi magbayad ng utang.

Kung isa ka sa nabanggit, gusto mo bang magbagong buhay? Gusto mo bang magsimula ulit na walang utang?

Pwes, pwede kang mag-file ng petisyon sa korte upang ideklara kang insolvent.

http://66.147.244.58/~financz2/wp-content/uploads/2011/03/2009-03-23-bankrupt.gif

 

INSOLVENCY OF INDIVIDUAL DEBTORS

Ayon sa Republic Act 10142 o ang Financial Rehabilitation and Insolvency Act of 2010, ang sino mang taong may ari-arian na hindi sapat upang ipangbayad sa lahat ng kanyang utang na lalagpas ng P500,000.00, ay maaring mag file ng petition sa korte upang ma-discharge siya sa kanyang mga utang.

Pagsinabing ma-discharge sa utang —-> quits na. Parang walang nangyari. Sorry na lang ang mga nagpapa utang.

Lahat ng natitirang ari-arian ay kukunin ng sheriff at ibebenta. Ang kinita sa bentahan ng mga ari-arian ay paghahati-hatian ng mga creditors. Siguro tag-sasampung piso na lang sila.

Ang maganda dito, hindi na pwedeng magsampa ng kaso ang creditors tungkol sa utang, at kung may pending collection case na, kailangan silang makisali sa petition for insolvency. Otherwise, waive na claim nila.

 

“Section 113 (d). no separate action for the collection of an unsecured claim shall be allowed. Such actions already pending will be transferred to the Liquidator for him to accept and settle or contest. If the liquidator contests or disputes the claim, the court shall allow, hear and resolve such contest except when the case is already on appeal. In such a case, the suit may proceed to judgment, and any final and executor judgment therein for a claim against the debtor shall be filed and allowed in court;”

 

Ang mga secured creditors o yung utang na may collateral tulad ng sasakyan o bahay ay hindi apektado ng petition for insolvency. Maari ituloy ang pagremata sa bahay o sasakyan. Ang mga unsecured creditor lang tulad ng credit card debts ang apektado sa petition for insolvency.

 

“Section 114. Rights of Secured Creditors. - The Liquidation Order shall not affect the right of a secured creditor to enforce his lien in accordance with the applicable contract or law. A secured creditor may:

(a) waive his right under the security or lien, prove his claim in the liquidation proceedings and share in the distribution of the assets of the debtor; or

(b) maintain his rights under the security or lien”

OWING DEBTS EXCEEDING P500,000

Kung mapapansin, kailangan lalagpas ng kalahating milyon ang lahat-lahat ng utang. So kung mababa pa ang utang mo ng P500,000.00, e umutang ka pa. Actually, bawal yun, wag mo gawin. Baka sabihin mo tinuruan kita ;) . Bad yun.

Estafa o swindling kasi ang pag-utang na wala namang intensiyong magbayad. Maari ring paglabag ito sa RA. 8484, o yung pag kuha ng credit card para lang manloko

 

“Section 9, (j) obtaining money or anything of value through the use of an access device, with intent to defraud or with intent to gain and fleeing thereafter.”

xxx

A cardholder who abandons or surreptitiously leaves the place of employment, business or residence stated in his application or credit card, without informing the credit card company of the place where he could actually be found, if at the time of such abandonment or surreptitious leaving, the outstanding and unpaid balance is past due for at least ninety (90) days and is more than Ten thousand pesos (P10,000.00), shall be prima facie presumed to have used his credit card with intent to defraud.”

 

Huwag ka mag-alala, sa bilis ng paglaki ng interest ng utang mo sa credit card, aabot din yan ng P500,000.00, promise.

 

EXEMPT FROM EXECUTION -FAMILY HOME

Hindi lahat ng ari-arian mo ay ibebenta ng sheriff upang pambayad sa mga creditors.

Ang mga properties exempt from execution ay hindi gagalawin, tulad ng Family Home. Upang linawin ang konsepto ng Family Home, hindi “all-the-timesafe ang Family Home sa execution. Akala kasi ng karamihan, lahat ng bahay e hindi pwedeng galawin ng sheriff.

Ayon sa Family Code, and Family Home ay hindi ligtas sa execution kung nakasanla ito sa bangko , pambayad ng buwis (syempre papahuli ba ang gobyerno), utang bago pa na constitute ang Family Home, at pambayad sa karpentero, mason, contractor, etc., na gumawa ng bahay:

“Art. 155. The family home shall be exempt from execution, forced sale or attachment except:
(1) For nonpayment of taxes;

(2) For debts incurred prior to the constitution of the family home;

(3) For debts secured by mortgages on the premises before or after such constitution; and

(4) For debts due to laborers, mechanics, architects, builders, materialmen and others who have rendered service or furnished material for the construction of the building.”

 

Ang Family Home din ay dapat nagkakahalaga lang ng P300,000 (urban areas) o P200,000 (rural areas). Walang bagong batas na nagtaas ng halaga ng Family Home.

 

Art. 157. The actual value of the family home shall not exceed, at the time of its constitution, the amount of the three hundred thousand pesos in urban areas, and two hundred thousand pesos in rural areas, or such amounts as may hereafter be fixed by law.

In any event, if the value of the currency changes after the adoption of this Code, the value most favorable for the constitution of a family home shall be the basis of evaluation.”

 

Ang hirap naman kasi kung mansion ang bahay na nagkakahalaga ng milyong-milyong piso tapos hindi magalaw ng mga creditors dahil lang sa alegasyon na ito ay Family Home.

Bukod sa Family Home, ang mga ari-ariang nakalagay sa Rule 39 ng Rules of Court ay hindi pwedeng galawin ng creditors, tulad ng sandok, brief, panty, lapida (believe me, walang rin interesado dyan) o mga bagay na ginagamit sa panghanap buhay.

Eto tignan mo:

 

“Section 13. Property exempt from execution. — Except as otherwise expressly provided by law, the following property, and no other, shall be exempt from execution:

(a) The judgment obligor’s family home as provided by law, or the homestead in which he resides, and land necessarily used in connection therewith;

(b) Ordinary tools and implements personally used by him in his trade, employment, or livelihood;

(c) Three horses, or three cows, or three carabaos, or other beasts of burden, such as the judgment obligor may select necessarily used by him in his ordinary occupation;

(d) His necessary clothing and articles for ordinary personal use, excluding jewelry;

(e) Household furniture and utensils necessary for housekeeping, and used for that purpose by the judgment obligor and his family, such as the judgment obligor may select, of a value not exceeding one hundred thousand pesos;

(f) Provisions for individual or family use sufficient for four months;

(g) The professional libraries and equipment of judges, lawyers, physicians, pharmacists, dentists, engineers, surveyors, clergymen, teachers, and other professionals, not exceeding three hundred thousand pesos in value;

(h) One fishing boat and accessories not exceeding the total value of one hundred thousand pesos owned by a fisherman and by the lawful use of which he earns his livelihood;

(i) So much of the salaries, wages, or earnings of the judgment obligor for his personal services within the four months preceding the levy as are necessary for the support of his family;

(j) Lettered gravestones;

(k) Monies, benefits, privileges, or annuities accruing or in any manner growing out of any life insurance;

(l) The right to receive legal support, or money or property obtained as such support, or any pension or gratuity from the Government;

(m) Properties specially exempted by law.”

At the end of the day, may matitira pa rin sa iyo. Yun nga lang huwag kang umasa na may magpapautang sa iyong bangko, unless may collateral kang malinis, even then it’s hard. Sa bumbay ka na lang tumakbo.
O ‘di kaya, wag ka na mangutang, period. Tutal, malinis naman ulit ang libro mo. Live within your means. Kung hindi mo kayang bayaran, ‘wag kang mangutang, mahirap ba yun?
———————–
All of the problems we’re facing with debt are manmade problems. We created them. It’s called fantasy economics. Fantasy economics only works in a fantasy world. It doesn’t work in reality.Michele Bachmann

{ 36 comments… read them below or add one }

Ronald Redito May 6, 2012 at 9:20 pm

Base muna. =)

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riza May 6, 2012 at 9:43 pm

May warrant po kaming nakuha para sa naka kulong kong papa ( More than10 years na nakakulong) ang kaso ay estafa.. kukunin daw ng sheriff mga ari-arian namin ng mama ko this May 2012 pwede po ba yun kahit lahat ng ari-arian namin ay kaming magkakapatid na ang nagpundar at kami ay naka tira sa apartment lamang.. saan po pwede humingi ng tulong kung ano ang dapat gawin… salamat

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Tito Boy May 7, 2012 at 8:03 pm

You can file a 3rd party claim to the sheriff to tell him that the properties he is garnishing do not belong to your father but to some other people. Go to PAO or look for a lawyer to protect your interest.

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hicort May 9, 2012 at 8:15 pm

Tito boy Kung may utang ba ang magulang sa cedit card at kinamaytyan niya ang pagkakautang, ang mga anak ba nito ay obligadong manahin ang pag babayad dito?

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Tito Boy May 11, 2012 at 5:33 pm

Hi Hicort,

Musta na? Anyway, hindi pwede singilin ang mga anak. Pero pwedeng kunin ng mga creditors and mamanahin ng mga anak sa magulang bago ipamahagi.

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iami May 6, 2012 at 9:54 pm

“Kung hindi mo kayang bayaran, ‘wag kang mangutang, mahirap ba yun?”

medyo..kasi ung kapitbahay may bagong tv so kelangan meron din ako. :-)

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mile May 7, 2012 at 1:14 am

masarap mabuhay ng walang utang. woooh!

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BONISTATION May 7, 2012 at 2:31 am

pak! maluho kase ayan utang utang…

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swin May 7, 2012 at 7:37 am

wala makain e, kaya uutang nalang . . . .
pwede makautang sa iyo tito boy?

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granger1220 May 7, 2012 at 9:58 am

may sagot ang ating masipag na pangulo sa walang makain, ang conditional cash transfer program! :)

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val May 10, 2012 at 1:25 pm

thanks tito boy

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ytser May 12, 2012 at 11:32 am

tito mrning po anu po ba pwede kng gawin kasi ung nautangan ko po pina barangay ako.gawa ng hindi na po ako nakabgay mg porsyento sa knya pero bago un nakiusap na po kami sa knya na kung pwede alisin na nya ung interest.un principal na lng po ang paunti untian.hindi po sya pumayag galit na galit pinagmumura p kami nag banta pa na kung hindi daw kami magbayad aisirain nya tindhan namin.kaya po napilitan nan akoanghiram ng 10k para lang po mabgyn sya.i pa blter ko po ba tito at anu po ang pwed kng gawin.dko mn po sya tatakbuhan nakikiusP lan kami paunti untian namin sya 30k na lng po.sLamat po god bless

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foobarph May 12, 2012 at 9:00 pm

kala ko quits na sa pagbo-blog eh! naman oh tito boy! ganyan ba talaga pag lagi akong nag cu cutting classes sa mga posts mo? hahaha! review! kelangang mag-review!

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nagipit lng May 13, 2012 at 8:12 pm

tito boy meron po ako parang card sa bangko na cash lang ang makukuh. Anu po ang kaibahan nito sa credit card… hindi na po kasi mabayaran dahil sa sobra gipit na sa buhay. Nasa attorneys office na po yun account.

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boi May 15, 2012 at 10:30 am

Tito Boy,

Kung ang excempted lang sa excecution ay Family home na hindi tataas sa 500K .. Pano po ang Family Home na lampas 500K ang value (600K – 700K)??? Pano po kaya ang diskarte nun? Pwede po ba iyon isangla kunwari at ano ang magandang diskarte .. Please reply po. Thanks.

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Tito Boy May 16, 2012 at 7:55 pm

Hi Boi,

Kung hindi classified as Family Home ang bahay, pwedeng i-levy ng sheriff ang bahay at i-public auction. Ang proceeds ng auction sale ang ipangbabayad ng utang. Kahit isangla mo yan, nasa pangalan mo pa rin, hindi pa rin lusot. Pwede mong ibenta “kunwari,” pero fraud yun at maari ipa-annul ang sale at kasuhan ka ng falsification of public documents or estafa.

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Kiko May 21, 2012 at 10:18 pm

Tito Boy, topic naman po about sa RA 9995.Thank you

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eilela June 1, 2012 at 10:53 am

good day po may nag kaso po sa akin ng estafa ako daw po ay may utang sa kanila 13000 pesos pero wala naman po talaga akong utnag ano pong kaso ang pwede kong isampa sa kanila salamat po

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Tito Boy June 2, 2012 at 8:43 pm

Article 183. False testimony in other cases and perjury in solemn affirmation. – The penalty of arresto mayor in its maximum period to prision correccional in its minimum period shall be imposed upon any person, who, knowingly makes untruthful statements and not being included in the provisions of the next preceding articles, shall testify under oath, or make an affidavit, upon any material matter before a competent person authorized to administer an oath in cases in which the law so requires.

Pwede rin civil case for damages for malicious prosecution.

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jongskie721 June 1, 2012 at 2:23 pm

wala po akong utang:D pero marami may utang sa kin. kumusta mga kaibigan? ehhehe i miss you tito boy

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Had_enough June 5, 2012 at 3:24 pm

Hi Tito Boy:

In connection with Insolvency,

1. What if meron na pong writ of execution for a credit card debt?

2. What properties po ba ang dapat isama na puedeng ma-liquidate for the creditors? Wala po akong bahay ( I live with my relatives) na sarili or cars. I only have a TV, DVD player, transistor radio, DVDs/CDs, a cellphone, and books.

Thank you.

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Tito Boy June 5, 2012 at 7:20 pm

Hi,

1. The writ for execution will just be satisfied during the distribution of assets to the creditors in the insolvency proceedings. In short, wala ring mahihita ang writ of execution dahil wala ka ring pambayad. Lahat ng creditors ay magpaparticipate sa insolvency proceedings.

2. Personal effects like you enumerated. Please refer to the article as to the exemptions.

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Had_enough June 6, 2012 at 11:00 am

I see.

In case natapos na yung insolvency proceedings, am a bit confused with the letter of the law RA 10142. Once the creditors have participated in the proceedings, will future income and properties bought be subject also to any collection or execution? Or does it all end there. In other words, I have a fresh start and all income that I earn and all properties I am able to purchase will be free from the past creditors?

Thank you po.

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Raul June 7, 2012 at 9:41 pm

Hi po! Try ko din po ask, halimbawa po my isinanla na property Ang isang Tao sa gov’t n bangko, ngaun e Hindi Manlang po yun nahuhulugan, bgla po namatay yung nagsanla, paano po yun, mawawalan na po ba ng utang yung namatay? Ano po yun pwede po ba bawiin ng anak yung property na isinanla sa bangko? Thank you po!!!

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Tito Boy June 9, 2012 at 8:39 pm

Kung may MRI ang mortgage, insurance na ang sasagot sa utang. Kung wala, isusubasta ng bangko ang lupa para ipambayad sa utang.

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Had_enough June 11, 2012 at 11:45 am

Hi Tito Boy,

Just wanted to follow up on the question I raised above. I know the title says Quits Na…so I figured that once I go through insolvency proceedings, it all ends there.

What about creditors who I have issued checks to? Will they therefore suspend the checks? Or will it be better for me to inform them that I want to go into insolvency?

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Tito Boy June 17, 2012 at 5:13 pm

Hi Had-enough,

It is up to your creditor if they will deposit the check or not, even if you filed a petition for insolvency. It will not make you immune to a criminal case for violation for anti-bouncing check law of BP 22. Inform them that you have no fund for what it’s worth, and use that as a defense.

TB

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Had_enough June 18, 2012 at 10:02 am

Hi Tito Boy

Thank you for your reply.

Actually this is my situation. I have a loan with a bank (lets call the bank BANK WITH PDC) that i have been faithfully paying. Originally the payment was through checks, but because my checking account closed, i have been paying over the counter. The loan ends on May 2013. They said that they will hold on to my PDC’s until the loan is fully paid. And so far ok naman po ang payment as my budget allows it.

Now, my problem is if ever i go through insolvency due to the other debts which I cannot pay anymore for the cards and other loans, this puts me into a standstill because how will this affect my loan with BANK WITH PDC. Can I still pay him fully off of my future earnings?

Is it correct that my understanding is that when i file for insolvency, any future earnings or income will no longer be subject for payment of collections? So what about BANK WITH PDC? How shall i deal with them since they are the only creditor with checks involved.

Thank you.

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Tito Boy June 26, 2012 at 9:43 pm

Like any other creditor, bank with PDC can no longer collect in the future after your assets are distributed evenly to them. But this will not free you from any criminal liability from issuing unfunded checks, e.g. violation of BP 22.

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misfortuness July 22, 2012 at 5:25 pm

hello po tito boy!
ako po ay nangutang sa pinsan ko, hindi po kasi talaga maiwasan minsan ang magipit, at sabi ng karamihan sa kapamilya manghiram para makaiwas sa pagkakalubog sa mga penalties/etc pag ndi nakakabayad sa oras.
kaya ako po ay manghiram sa aking pinsan. Nov 2011 po ako nanghiram at nangakong magbabayad sa Mar 2012 na may dagdag na interes (5k=% para sa halagang 20k) para kahit paano ay kumita nmn ang pera nila. dumating ang Feb 2012 nakapag bayad na po ako ng mapag usapan naming interes. pagdating po ng March 2012 kung kelan dapat ay isoli ko na ang nahiram kong pera, 5k lang po ang naibayad ko dahil hindi nmn po inaasahan na napakadaming problema dumating sa kin. ang kapatid kopo na nag ttrabaho sa Canada ay nakulong. nawalan po ng suporta ang magulang ko at ako na din kaya nagkagipit gipit po ako.. kaya nakiusap po ako na hndi ko muna mababalik ang pera. pero simula po nun hanggang ngayon hindi na po ako tinigilan ng pinsan ko, asawa nya pati ng mga magulang nya (na tyahin ko po) ang pang gigipit sa kin. nawalan po ako ng trabaho dahil pati sa pinapasukan ko sinusugod nila ako kundi man ay inaabangan sa labas kaya natakot na po ako pumasok. tinatakot po nila ako sa text, sa facebook at verbally. ipapagulpi daw nila ako at pinakita pa nilang bumili sila ng baril. nag post pa po sa facebook ang pinsan ko na ako daw ay isang estafadora at pinangalandakan nya ang picture ko. pumunta din po sila sa bahay at nag-eskandalo sa harap ng bahay namin at kinalampag ang gate. pinalampas kopo lahat ng iyon at never ko po sinabi sa kanila na hindi ko na sila babayaran. bagkos ay puro pakiki-usap po ang mga text at sinasabi ko sa kanilang pamilya. ngayon po ay pinabarangay nila ako tungkol sa pagkakautang. pero hindi kopo sinipot. kasi labis po talga ang takot ko na baka pag nagkaron sila ng pagkakataon ay saktan o gawan nila ako ng masama kundi man ay iutos nila sa iba para hindi sila ang pag bintangan. awang awa po talaga ako ngayon sa sarili ko at sa pamilya ko.. balak ko po sana sila ipa blotter din dahil sa mga pagbabanta nila, sa pag-eeskandalo at paninirang puri nila sa akin sa facebook.. pero hindi pa po ba huli ang lahat? kasi lumipas na po ang panahon. hindi kopo kasi sila pina blotter dati dahil nirerespeto ko pa din ang auntie ko. pero ngayon po kasi pakiramdam ko ay aping api na kami sa mga ginagawa nila… anu po ba ang inyong mapapayo tito boy? maraming salamat po sa oras nyo at pagpalain po kayo sa pagtulong nyo sa mahihirap.

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Tito Boy July 22, 2012 at 6:22 pm

Sampahan mo na lang ng kaso sa brgy kapag hinarass ka ulit, o dikaya isumbong mo sa pinakamalapit na police station. Sabihin mo magsampa na lang ng kaso sa korte kung gusto nila makasingil. Good luck!

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Anna marie santos July 23, 2012 at 6:21 pm

Good afternoon po.. Ask ko lang po kasi may utang po ako sa credit card nasa 9k po tapos 9 months na po akong hindi nakakabayad ngaun po ang utang ko na daw nasa 33k dahil po sa interest.. Nakipagusap na rin po ako sa law office na humahawak ng account ko tinanong ko po sila na kung pede bang magbayad ako ng 1k every month hanggat mabayaran kp lahat pero hindi sila pumayag… E hndi kp pa po kayang bayaran lahat un ngaun.. Ano po ba pedeng gawin? Makakasuhan po ba ko or makukulOng?

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Tito Boy August 12, 2012 at 3:07 pm

Anna Marie Santos,

Hindi ka makukulong. Pero kung hindi mo mababayaran ang utang, mababaon ka lang sa interest. Pwede kang kasuhan ng sum of money at ipapahatak sa sheriff ang mga ari-arian mo bilang pambayad.

TB

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Lemmy Paez August 11, 2012 at 5:28 pm

Hi Tito Boy…May tanong po ako may taong nagkakautang sa tita ko ngunit sa kasamaang palad eto po ay pumanaw..May chance pa bo na masingil namin cya???

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Tito Boy August 12, 2012 at 2:12 pm

Yung estate niya pwede magkaso laban sa nangungutang na itatalaga ng korte o tinatawag na “administrator”. Pwede rin magkaso ang mga heirs o tagapagmana niya: (1) asawa/anak or magulang (2) kapatid or pamangkin, in that order/hierarchy.

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misfortuness August 11, 2012 at 8:57 pm

maraming salamat po!! :D

Reply

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