Debt is a major problem for many people in the Philippines. It can be difficult to keep up with payments and can lead to financial difficulties. There are a few ways to get out of debt, but it is important to find the right solution for your situation. You can get help from a debt relief company, negotiate with your creditors, or file for bankruptcy.
Going to jail for debt in the philippines.
A fundamental right, the inability to be imprisoned for debt, is guaranteed by none other than the philippine constitution. Article iii of the constitution reads: “no person shall be imprisoned for debt or non-payment of a poll tax.”
How long you can legally be chased for a debt in the philippines.
The following actions must be launched within 10 years of the date the right to bring an action arose, according to the new civil code of the philippines: (1) upon a signed contract; (2) upon an obligation created by law; and (3) upon a decision.