Facing a series of legal consequences and economic losses.

1. Damage to your credit record

Debts that are overdue for six years will cause serious damage to your personal credit record. Credit record is an important basis for financial institutions and other institutions to evaluate an individual's credit status. Once damaged, it will seriously affect an individual's future financial activities such as loans and credit card applications.

2. Legal Litigation Risk

Creditors have the right to pursue overdue debts through legal channels. After Zhongtengxin is overdue for six years, creditors may file a lawsuit in court to recover the arrears. Once legal proceedings are entered into, individuals will be required to bear legal responsibilities, including payment of arrears, interest, penalty interest, and possible legal fees.

3. Asset Seizure and Auction

During the legal proceedings, the creditor may apply to the court to seize the debtor’s property to prevent the debtor from transferring property to evade debts. If the debtor is unable to fulfill the court judgment, the creditor can also apply for an auction of the seized property to make up for the debt.

IV. Personal Bankruptcy Risk

If Zhongtenxin’s overdue debts are huge and cannot be repaid through other means, individuals may face the risk of bankruptcy. Bankruptcy is a legal process used to liquidate a debtor's property to repay debts. Once bankrupt, the individual's property will be liquidated, the credit record will be further damaged, and it will be difficult to obtain the trust and support of financial institutions for a period of time in the future.

To sum up:

Zhongtengxin will face a series of serious consequences such as credit record damage, legal litigation risk, asset seizure and auction, and personal bankruptcy risk if it is overdue for six years. . In order to avoid these consequences, it is recommended that debtors communicate with creditors as early as possible to seek repayment options or the possibility of debt restructuring to reduce the financial burden and protect personal credit.

Legal basis:

"Contract Law of the People's Republic of China"

Article 107 provides:

If a party fails to perform its contractual obligations or performs its contractual obligations inconsistently with the agreement, it shall bear liability for breach of contract such as continuing to perform, taking remedial measures, or compensating for losses.

"Civil Procedure Law of the People's Republic of China"

Article 224 stipulates:

Legally effective civil judgments and rulings , as well as the property part of the criminal judgment or ruling, shall be executed by the people's court of first instance or the people's court at the same level as the people's court of first instance where the property subject to execution is located.

"Enterprise Bankruptcy Law of the People's Republic of China"

Article 2 stipulates:

The enterprise legal person cannot pay off its due debts and has insufficient assets. If all debts are paid off or the debt is clearly lacking the ability to repay, the debts shall be liquidated in accordance with the provisions of this Law.