Legal Question in Bankruptcy in India

I am 31 yrs of age and married male from New Delhi, India. Hi have 3 personal loans (Total Rs 3.5 lacs) and 2 credit cards (1.2 lacs). In Sep 2009 I got laid off due to recession, my company shut down. Since then I have been jobless and have been unable to pay any installments which I have been paying since >2 years without break (Total every month Rs. 40k).

I tried talking to bank people, they are not helping.

Now, I don't have a job I am interested to understand what can be done to help myself, like settlement, some period from 6 months to 1 year or more to deal with this:-

1. Is filing a bankruptcy a solution ? Should I think of it ?

2. Is there someone who can help like talking to Manager or some other dept ?

3. Any other solution ?

Please help.

Thanks.

1 Answer from Attorneys

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