Legal Question in Bankruptcy in India
Presonal Loan & Credit Card Default
A close relative of mine has personal dues to personal loans & credit cards in the region of 30-40 lac. He�s no money to avoid default and no asset to sell / mortgage. His business has been down to dumps & he�s gone in severe depression and has become suicidal. This has been revealed to the family recently. His insolvency and liquidation of all business materials can shell out not more than 5 lacs. Can he be helped? How? I�ve been researching for a way to get him out of this. Please advice.
2 Answers from Attorneys
Re: Presonal Loan & Credit Card Default
Hello
Good Afternoon!
He may declare bankruptcy by filing petiton of insolvency.
In case of need please contact personally.
Re: Presonal Loan & Credit Card Default
He may consider declaring bankruptcy by filing an insolevency petition in the local courts.
Related Questions & Answers
-
Bankruptcy If i file for bankruptcy, what will be the effect on my LIC policy -... Asked 3/09/09, 2:02 pm in India Bankruptcy Law
-
Sarfaesi act Sir, We funded for a property in Fwebruary 2002. Since the borrower... Asked 3/07/09, 2:12 am in India Bankruptcy Law
-
Bankruptcy For a great loss of my business, one week ago I had made payments to my... Asked 3/04/09, 2:36 pm in India Bankruptcy Law
-
Insolvency If one has to file insolvency, how to go about it. Does it take care of... Asked 3/03/09, 9:30 pm in India Bankruptcy Law
-
Bankruptcy My enquiry is regarding whether it is essential or not to inform the... Asked 3/02/09, 7:00 am in India Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
