Educational Information Only
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What is the minimum debt to file bankruptcy in Thailand?
THB 1 million for individuals and THB 2 million for legal entities. The debt must be a definite amount, whether due immediately or in the future.
Detailed Answer
Minimum debt thresholds for bankruptcy in Thailand: **Individuals:** THB 1,000,000 (approximately USD 28,000) **Legal entities (companies):** THB 2,000,000 (approximately USD 56,000) **Key requirements:** - The debt must be a definite, ascertainable amount - Secured and unsecured debts can be combined to meet the threshold - The debt can be owed to one or multiple creditors - Contingent debts may qualify if they can be reasonably quantified **Who can file?** - Creditors can petition for a debtor's bankruptcy (involuntary bankruptcy) - Debtors can petition for their own bankruptcy (voluntary bankruptcy) - The debtor must be 'unable to pay debts' — not merely unwilling **Alternatives for debts below the threshold:** - Civil court judgment and enforcement - Voluntary negotiation with creditors - Debt restructuring through bank programs (Bank of Thailand guidelines) - Small claims court for debts under THB 300,000
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