1. What to do if you owe a huge debt and are unable to repay it

1. What to do if you owe a huge debt and are unable to repay it:

(1) With debt If the other party does not agree to postpone or reduce the debt and wants to sue the debtor, then after filing the lawsuit, it is necessary to actively Respond to the lawsuit and strive to achieve the purpose of installment repayment or time limit repayment in court;

(3) If it is an enterprise, it must apply for bankruptcy and carry out bankruptcy liquidation.

2. Legal basis: Article 236 of the "Civil Procedure Law of the People's Republic of China"

If the person subject to execution or the property subject to execution is in another place, You can entrust the local people's court to perform the execution on your behalf. After the entrusted people's court receives the entrustment letter, it must start execution within fifteen days and may not refuse. After the execution is completed, the entrusting people's court shall be informed of the execution results in a timely manner; if the execution has not been completed within thirty days, the execution status shall also be notified to the entrusting people's court.

If the entrusted people's court fails to execute the order within fifteen days from the date of receipt of the entrustment letter, the entrusting people's court may request the superior people's court of the entrusted people's court to instruct the entrusted people's court to enforce the case.

2. What is the loan application process

1. The borrower applies for a loan;

2. The bank accepts and reviews the application, and the bank verifies the customer's situation and compares it Bank loan conditions to determine whether it has the conditions to establish a credit relationship;

3. Sign a loan contract. If the bank determines that the borrower meets the loan conditions after reviewing the loan application and agrees to the loan, it will sign a " Loan Contract";

4. When issuing loans, banks will generally disburse money faster if the credit limit is sufficient;

5. Post-loan inspection, the bank will issue a loan after the borrower has obtained the loan. Then conduct an investigation into the whereabouts of the funds to see whether the borrower used it according to the prescribed purpose, as well as the borrower's cash flow and operating income;

6. Loan repayment. After paying off the loan, handle the loan settlement process formalities.