Aunt Agaath loan and bankruptcy advice

Questioner

Hello, 15 years ago I took out an aunt agaath loan (150,000 guilders) with my grandfather. I used this money to start a company in Poland. My grandfather suggested this himself, because he wanted to qualify for rent subsidy. This company in Poland went bankrupt and because of that I also wrongly incurred a large personal debt with a Polish bank. Now 15 years later, while my grandfather and grandmother have passed away, the heirs (the children of my grandfather and grandmother, so my uncle and aunts) want to claim this loan after my father. My position has always been the following. I want to pay back this loan when I have my financial life back in order. This was also the agreement with my grandfather. Now that the heirs are putting me against the wall, I will have to make sure that they cannot put me on the spot so that I can continue to work on my personal financial situation. I think that since an Aunt Agatha loan is a subordinated loan, and I have nothing, the heirs are now not entitled to this repayment. To leave this miserable financial history behind for good and start with a clean slate without having a lot of trouble on my mind every time. Is it perhaps wise to have myself declared bankrupt. I currently still live in Poland. The question is where should I arrange this? In Poland or in the Netherlands. Of course I want to be rid of the debt in the Netherlands and in Poland?

Lawyer

If you have nothing, it is also not possible to repay the aunt agaath loan. It is therefore pointless for the heirs to reclaim the money through legal means, because if you have nothing, you can also pay nothing. You could possibly discuss with the heirs under what conditions and when the loan will still be repaid. Declaring bankruptcy does not have much effect, because the loan will still not be able to be paid and will continue to exist. However, there could be a possibility that the loan or part thereof has expired. More information is needed to assess this. If you want, you can contact me without obligation via the button you see next to this answer for further advice.

Questioner

Hello, Isn't it true that if I personally go bankrupt, I will be under the guardianship of the trustee for 3 years. He will try to settle the debts with the resources that are available. Then after three years I start with a clean slate.

Lawyer

No, what you are describing is the Debt Restructuring Act for Natural Persons.