Legal Question in Bankruptcy in India

Financial Muddle
HI,Me and my wife were working in different companies and live with my parents in their house. eventually we decided to start a business. For that purpose on my name I took Personal loans and credit cards and my wife took a few cards.the business was smooth but to pay EMI's & Minimum amt due on cards we kept on swiping our own cards on our machine now in all we are in debt of 25Lakhs. We have a financed car thats all.Business is closed.Till now everthing is paid as per schedule but we cant pay further as all modes have expired as we need to generate over a lakh each month just to pay EMI and Minimum dues on cards, there is no way we can get that kind of money.we are planing to file bankruptcy/insolvency How to proceed, what shall be the consequences, will mine & my spouse's parents have any problem. They are not Guarantors anywhere! but have attended reference verification calls prior to loan sanctioning. Please help

Asked on 5/13/08, 1:11 pm

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Financial Muddle

Please contact personally.

Answered on 5/24/08, 12:28 am

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