FILLING INSLOVENCY /BANKRUPTCY FOR SALARIED PERSON WITH NO ASSET
3 years ago
I have unsecured debts of Rs 20Lakh (14 credit cards and 6 personal loan) and the emi's and bills of which i am unable to pay now as i am a salaried person and my fixed income is only 20 k. I have also lost 13 lakhs in stock trading.Banks ar continouslly calling and visiting my office and home for collection so pls provide the solution to come out or discharge form this debt and want to stop the recovey procdure of collection from banks from my office and home
i am a salaried person with no asset so Is filling insolvency/bankruptcy is solution to get discharge from these debts.?
Since you are not in position to discharge debts, neither you have assets, you should initiate insolvency procedure disclosing all the relevant facts and figures.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
As stated in the facts, as you are not in possession of any asset, you may proceed with the insolvency petition stating all true and material facts
Manini Jaiswal
Responded 3 years ago
Salaried person cannot file such applications.
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DIYAVARHUSSAIN SHAIK
Responded 3 years ago
As per your inputs you are indebted and not in a position to pay back the credits and EMI,
You have every chance of filing Insolvency petition in the court stating all the reasons
Under the Provincial Insolvency Act 1920
Repayment of loans and credit cards
Multiple unsecured loan defaults
Unfreeze
For bank loan
