Credit card and personal loan debt
3 years ago
I have credit card debt of 10,00,000. 2,50000 debt in personal loan on credit card and 1 separate personal loan of 1,50,000 from bank. In total, I have debt of around 14 lacs and I do not have any way to pay this debt back and I do not have any assets.
I wanted to know about filing individual bankruptcy and would like to know if the above mentioned debts can be waived in bankruptcy filing. Also, I wanted to have some idea about how an individual can file bankruptcy.
A.As you don't have the money to repay & you don't have any assets...... so no need to worry much as nobody will be able to take any money from you as you don't have it. You file for insolvency through a Local C.A. /Lawyer.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Part III of the Insolvency and Bankruptcy Code, 2016, deals with insolvency and bankruptcy of individuals and partnership firms.
According to a statement issued by IBBI on Tuesday, the draft rules and regulations have been submitted by a working group which was formed to recommend the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016, dealing with insolvency and bankruptcy in respect of guarantors to corporate debtors, i.e., personal guarantors, and individuals having businesses.
http://www.mondaq.com/india/x/492318/Insolvency+Bankruptcy/The+Insolvency+And+Bankruptcy+Code+2016+Key+Highlights
According to a statement issued by IBBI on Tuesday, the draft rules and regulations have been submitted by a working group which was formed to recommend the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016, dealing with insolvency and bankruptcy in respect of guarantors to corporate debtors, i.e., personal guarantors, and individuals having businesses.
http://www.mondaq.com/india/x/492318/Insolvency+Bankruptcy/The+Insolvency+And+Bankruptcy+Code+2016+Key+Highlights
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Rameshwar Dadhe
Responded 3 years ago
A.If you are unable to pay or nothing any assets in such situations you can file insolvency suit
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