Reg. Credit card and Loan dues Reg. Credit card and Loan dues

3 years ago

I made a huge mistake in my life that utilized all of my savings (advance PF, wife gold and some chitties) in trading and I lost everything. It was all mad days for me then I took loan from my credit cards that too lost in trading. Also my salary banker have granted pre-approved loan that too lost in trading. Currently I don't have any way to pay them back and I am in ultimate pressure. There is frequent visit from the banker side and I am not sure What can do. I saw in google, any personal can declare as Insolvent if debts more than his capacity. How I can declare as insolvent since I dont have any other ways to pay my loans. What are the after impact in my life if declare as insolvent? . At present I don't have properly in my name but later my parents may transfer to me. Its depends.

Kishan Dutt Kalaskar

Responded 3 years ago

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A.Dear Sir
You may get issue a strong legal notice and stop the bankers from troubling you.
Please give me RANK FIVE (5) if my answer satisfies you.
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Anish Palkar

Responded 3 years ago

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A.It is very sad to know that you have made a huge mistake in your life that utilized all of savings (advance PF, wife gold and some chitties) in trading and lost everything. It was all mad days for you then u took loan from credit cards that too lost in trading. But now it is also better that you are atleast having parental property. Do not sell it for paying off any dues.... Now you can appoint a CA for insolvency & a lawyer for defending of loans & Credit card payments....But act now & it may be too late... And who advised you for putting money in trading.... Which friend of yours advised you ask him to pay off all the debts....And today make a promise for yourself that you will never put any of the money in trading...... Now appoint a good lawyer & they will handle your recovery case of bank.......Nothing to worry about ......Also just a small story for you.is below....

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for Rs.100/- each. The villagers were ecstatic since there were tons of monkeys in the nearby forest.

The villagers, sensing this unique opportunity, went out to the forest and started catching the monkeys with ease. The man bought thousands at Rs.100/- and as supply started to diminish, the villagers stopped their effort.

After a month, he further announced that he would now buy at Rs.200/-. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms.

The offer increased to Rs.250/- each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man (Boss) now announced that he would buy monkeys at Rs.500/-. However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man (Boss), the assistant told the villagers & investors ;
“ that he got a call from the man (Boss), & he had requirement of more Monkeys & will now buy at Rs.1,000/- each when he comes back”
“Look at all these monkeys in the big cage that the man (Boss), has collected. I will sell them to you at Rs.500/- each and when the man (Boss), returns from the city, you can sell them to him for Rs.1,000/- each.”

The villagers rounded up with all their savings, took heavy loans and bought all the monkeys return at Rs.500/- each . Then they never saw the man nor his assistant, only monkeys everywhere!

The monkeys had to let out and they went back to the forest. The villagers were left high and dry and they lost complete trust in life. They had huge loans to pay and they had absolutely no idea how meticulously they got trapped.

Now, please remember friends.. Greed can take you for a ride. Think about this story...which is applied by the Investment so called “Experts”.
It made a lot of people Bankrupt and a few filthy people rich in this monkey business
IF STOCK MARKET EXPERTS WERE SO EXPERT, THEY WOULD BE BUYING STOCKS, NOT SELLING ADVISE.

But this is the reality.. ….

If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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Srinivasa Prasad

Responded 3 years ago

A.Better pay minimum monthly emi /seek for extension of time. If you initiate involvency proceedings and you are declared insolvent, you will be declared as a pauper and you will not have any credibility in the market, as such, try and pay minimum monthly emi by earning.
Do not depend / try to earn easy money.
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Advocate Roshan Khatri

Responded 3 years ago

A.First of all... Clear ur dues which are urgent
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NITHYANANDAN SUNDARESAN

Responded 3 years ago

A.Dear Client, file an Insolvency petition before the debt tribunal and become an insolvent. Always trade only what you have don't have excess of it. Trading involves risks usually if you would have consulted financial advisor this situation won't arised upon.
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