Are there some kinds of loan options available that give me the flexibility to switch between a fixed interest rate, where the interest remains constant throughout the loan term, and a variable interest rate, which fluctuates with the economy? I want ...
You cannot declare yourself or your business bankrupt. A bankruptcy statement can only be issued by a court decision, after your financial statements have been audited. If you have been declared bankrupt by the court in your area, you will lose the rights to all your assets, all of your assets willRead more
You cannot declare yourself or your business bankrupt. A bankruptcy statement can only be issued by a court decision, after your financial statements have been audited. If you have been declared bankrupt by the court in your area, you will lose the rights to all your assets, all of your assets will be liquidated or sold by the court to pay off your debts.
If your assets are not sufficient to pay off the debt, you can repay the remaining debt or according to the agreement after bankruptcy.
However, the confiscation of assets by the court does not apply to household equipment such as beds, dining tables, livestock, side income such as freelancing, etc.
See less
When you apply for a credit/loan at the bank, the interest is predetermined according to the type of credit/loan. In general, mortgage loans apply floating interest rates. For business loans of less than three years, a fixed rate is applied, all of this depends on the bank's policy, so interest rateRead more
When you apply for a credit/loan at the bank, the interest is predetermined according to the type of credit/loan. In general, mortgage loans apply floating interest rates. For business loans of less than three years, a fixed rate is applied, all of this depends on the bank’s policy, so interest rates between banks can be different.
Of course you can’t change from a fixed interest rate to a variable/floating interest rate or vice versa, besides making it difficult to record the bank will also change the initial agreement.
See less