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Q. Individual Bankruptcy

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Anonymous

posted 1 year ago

Q.Individual Bankruptcy
I have personal loan of 3 lakhs and credit card due of 1.5 lakhs. Till May 18, I paid all EMI and Dues on time, but from March 18 I am jobless and unable to pay now. I like to file Individual Bankruptcy. Please let me know how to do and under which section (as of now, after amendment of 2016 of IBT).

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 1 year ago

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A. ) Dear client you need to meet recovery officer of the bank, He may grant you some time.
Apart from that you can file complaint under section 243 of Insolvency and Bankruptcy Code, 2016.

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ROBERT D ROZARIO

Experience: 15 Year(s)

Responded 1 year ago

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A. ) Contact Vidhikarya for allotting an advocate to file petition before DRT. Alternatively you can speak with the bank to give you some more time or may go for OTS.

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Ashish K Dongre

Experience: 12 Year(s)

Responded 1 year ago

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A. ) Talk to your bank they will easily get you more time to resolve your financial problems.

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Aditi Tuteja

Experience: 2 Year(s)

Responded 1 year ago

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A. ) Please meet your recovery officer and also you can file under the old act which is Provincial Insolvency Act 1920 or Presidency town Insolvency Act 1920. (Depending on your state)

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 1 year ago

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A. ) By advocate Rameshwor dadhe dear sir you should approach to the your bank and meet to the recovery officer. You should inform all real fact about you

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Neeraj Kumar

Experience: 1 Year(s)

Responded 1 year ago

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A. ) Hello there,
In this case you need to meet recovery officer of the bank, He may grant you some time.
Apart from that at the present time you cannot file for Individual Bankruptcy, because the Act of 1920 and 1909 has been repealed under section 243 of Insolvency and Bankruptcy Code, 2016.

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