Legal Question in Credit and Debt Law in India

My wife has a credit card (45K) and a personal loan (4.00 Lacs) in her maiden name, she was working all this while and making payments towards it, now she does not have a job and cannot pay on either of them, my job also does not give me much to take care of her dues, as i have my dues to take care of. Please let me know if she can file for bankruptcy for both or will the credit card and the bank come to some kind of settlement, or will she be harrassed for the same... Danny

Asked on 6/29/11, 8:45 am

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Declaring somebody insolvent is a serious affair and has long reaching consequences. Consult your lawyer before you take such step.

Now-a-days, Banks are quite open minded and discussing the matter with bank official may provide you with some workable solution.

Answered on 7/09/11, 3:31 am

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