Legal Question in Bankruptcy in India
Bankruptcy of Salaried Class
Sir, I have a total unsecurred loan of Rs.32lacs. I am a salaried person with Rs.78,000 take home. But my montly EMI is 160,000 which I am unable to pay, I have not defaulted still. But I think from next month I will not be able to pay and worried about the collection agencies. I have lost Rs.28lacs in stock market trading. Will filling bankruptcy give me a relief, will they attach my complete salary or leave something for living and attach the remaining. Please suggest any alternates if availble. I getting stressed out on this thought
2 Answers from Attorneys
Re: Bankruptcy of Salaried Class
The insolvency court may leave sufficient for your living but your employer may not like to continue you in the job as insolvency is a disqualification with most of the employers.
You may first consider selling any asset you may have and reduce your EMI level to managable limits.
Re: Bankruptcy of Salaried Class
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