Legal Question in Credit and Debt Law in India

I have taken some loans from some banks which I have already repaid partially. However, presently I absolutely have no income and I have literally become 'Insolvent'. I do not have any sellable property of mine. In this condition, can I apply to High Court for declaring myself 'Financially Insolvent' ?
Is there at all any possibility of my getting Court order to this effect ?
Even if I get a Court order, can I get a complete waiver on my outstanding loan amount from the bank based on the court order ?
Can the Bank challenge the Court order in the same court or Higher court ?
Suppose I start earning considerably in the future, can I get rid of my 'Insolvent' staus legally or is it that once I have been declared 'Insolvent' by the court of law, I have to remain 'Insolvent' for the rest of my life ?
I shall be grateful if I get answers to the above questions. Thank you !
Yours thankfully
Rajdeep Ghosh
Kolkata
Mob : 98049-75339

Asked on 10/09/09, 6:45 am

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You can file for insolvency. After insolvency if you begin the earn, then that income may not be part of your insolvent estate.

Contact a local lawyer to file for insolvency.

Answered on 10/09/09, 8:43 pm

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