Hi, how does one go about declaring bankruptcy in Taiwan? My estranged father is pestering and begging my mother to sell their home which he has deeded to her completely years ago in the US. The proceed will only help him pay a portion of what he has owed (no idea how much). I don’t understand why he (he is a small business owner) can’t just file for bankruptcy.
If he is estranged, how much do you really know about his loans? They could be underground loans, in which case, he’s got bigger problems than what your mom can help him by partially paying off the loans.
By estranged, are they divorced?
What collateral did he put up for the loan?
If it’s a bank loan, then the bank can just take the collateral.
What business is he in?
What kind of loan?
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We don’t. We have no idea the extent of his loans and whether it’s underground or banks or combo.
They are not formally divorced but have been living separately for 30 years. (Don’t even get me started …)
Collateral: He put up for the loans are all assets he has in TW - probably an old office and house.
What business is he in? Not entirely sure. Used to be middle man doing import export. But later got into importing things then resell. They are basically low-margin business with inventory risk that has no way of surviving in this time and age.
Then… Run Forrest Run.
Assume the worst and protect your mom’s assets. Consider to set up family trust in US, so assets cannot be touched.
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Yes, luckily we do have a family trust here. So does he have any way to access it since they are not divorced? Or I guess he can just continue to harass my mom (and now me) to no end.
And back to my original question - does the concept of personal bankruptcy not exist?
It exists.
如何向法院聲請宣告破產?
Ans:
不論公司或個人聲請破產，聲請人應附具財產狀況說明書及債權人、債務人清冊，向破產人住所地或主營業所所在地之法院聲請裁定宣告破產。
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They do have bankruptcy laws in Taiwan but unlike USA you don’t get a fresh start after 7 yrs, you are permablacklisted from credit.
Private lenders are also known to get gangster types to come threaten and crack skulls which is why he’s afraid. But I’m guessing paying them a little won’t get them off his back for long if he owes a lot of interest.
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I see. I guess this is why the high rollers just skip town.
Its a common problem here, i feel your pain buddy. But you have 2 options. Legally: dont have it your guys name.
Or face him and correct it traditional style. Your mom probably cant do this, but maybe you could. Your call.
With all do respect to you, your dad seems like
We dealt with this and people changed legal names, went through adoption (children) etc to avoid him coming back to collect in the future.
Im not sure going bankrupt will remove the tick…in the end theybare still married. And truthfully, in the end, your mom needs to face reality. He is the problem and she is allowing it to continue…sorry.
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Let’s try to avoid insulting people’s family members, even if they’re already estranged. Thank you! 
Good God. Get thee to a lawyer for legal advice.
If your father is in, shall we say, extra-legal trouble, he may wish to consider speedy emigration.
In my experience there is room to negotiate concerning any accrued interest, but getting the lender to accept a cut on the principal will be tricky.
So, more important than the amount of interest owed is the size of the principal