My Dad owes a lot of money in the market. The money was borrowed at high interest rates from private money lenders, however, he is not in a postion to repay. He has no assets. What actions- both legal and illegal, can his creditors take against him, when they come to know that he has filed for bankruptcy...?
Asked on 10/28/11, 6:16 am
2 Answers from Attorneys
Shrichand Nahar
S.V.Nahar, Advocate
Legal action depends on nature of loan.
Answered on 10/31/11, 12:52 am
Jayesh Desai
Jayesh Desai
Legal actions can be for recovery and insolvency. Illegal actions no one can predict. One a person is officially declared bankrupt no body can take any steps legally without going through official assignee.
Answered on 11/01/11, 3:31 am
