Legal Question in Credit and Debt Law in India
Dear Sir/Madam, I .......from Andhra Pradesh. Running a Fruits Business in my town from 5 years. I loss every thing in my business means My own cash, my wife jewellery and also my land. Still I have a lot of credits more than 15 lacks. Like 3 lakhs for one person, 2 lackhs for one, 50 thousand for one, 10 thousand, 30 thousand, etc like that total 15 to 16 lakhs. Now I don't have money in my hand. And my business get down. I have 2 sons who are studying 4th and 5th. And I have old parents and one sister to marriage its my responsibility also. I am paying 2 to 3 persons also interest which i have taken cash on promisary note. one person also taking from me 5 rs. interest pm. but i write on promisary note only 2 rs. interest. I am ready to give amount. But at present I don't have. I need time may be 6 months to 1 year. All creditors giving me headache. I am helpless. I believe only on Almighty ALLAH. He will show me path.
Please help me with your valuable suggestions... your friend/brother.
2 Answers from Attorneys
sorry to hear about your plight. just talk to the creditors and gain time.if they go for court cases you will be in trouble.
24.02.2014
Dear Sir / Madam,
Take only that much responsibility as you are confident of handling yourself. Don't attempt to take the worries of the whole world on your head. Be objective oriented. Chart out an action plan how you are going to settle each person whom you owe monies. If you have failed in business, take up a job, or drive a taxi or autorickshaw. God always helps those who help themselves.
Regards,
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