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Q. How to file for bankruptcy

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Fiona

posted 7 months ago

Q.How to file for bankruptcy
Hello Sir,
I had quit my job 2 years ago as I had to take care of my new born.. since 2 years I managed to pay my debt every month.. now it's impossible to clear my debt.. I have been unable to pay for last 4 months.. I would now like to file for bankruptcy to get rid of constant hounding from banks. I want to start a fresh. Please advise

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 7 months ago

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A. ) http://lawgyaan.in/faq-insolvency-bankruptcy-code-2016-ibc/

FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
The motive behind these Frequently Asked Questions is to address the basic queries of the stakeholder (Companies, Individuals, Partnership Firms, CEO, MD, Directors, professionals, students) on the Insolvency and Bankruptcy Code, 2016.
Evolution, purpose of IBC and Authorities involved:
1. What is Insolvency and Bankruptcy Code, 2016? When does it come into force?
The Bankruptcy Law Reforms Committee designed a set of processes to resolve insolvency and bankruptcy and with the suggestions of various committees, professionals and general public, the Insolvency and Bankruptcy Code, 2016 (IBC) was enacted and came into force with effect from 28th May, 2016. However, the provisions on Corporate Insolvency Resolution Process under IBC have come into effect only from 1st December, 2016.
2. What’s the purpose of framing IBC?
It was framed with the intention to expedite & simplify the process of Insolvency and Bankruptcy proceedings in India, ensuring fair negotiations between Debtor and Creditor by removing the asymmetry of debt and default information.
3. How the process is said to be expedited?
The insolvency resolution process which would otherwise take ages to conclude, shall now be completed by the Adjudicating Authority within 180 days of making the application, unless extended for 90 more days as per the provisions of the Code
4. To whom IBC is applicable?
The provisions of the IBC, 2016 are applicable to Individuals, Unlimited Partnership Firms, Limited Liability Partnerships and Companies. The provisions relating to Corporate in the Code, i.e., Limited Liability Partnerships and Companies is notified and in force w.e.f. 1st December, 2016. The provisions related to Individuals and Unlimited Partnership Firms – the Part III of IBC, 2016 is yet to be notified.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 7 months ago

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A. ) Yes u can file bankruptcy suit in Ur fever. If unable to pay

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Fiona

Replied 7 months ago

Thank you for your response, how do I go about filing it? What should be my next step?

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Rameshwar Dadhe

Experience: 2 Year(s)

Replied 7 months ago

U should approach any local lawyer and file bankruptcy suit . He will help you

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Fiona

Replied 7 months ago

Okay.. thank you for your help in this matter sir

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Rameshwar Dadhe

Experience: 2 Year(s)

Replied 7 months ago

Welcome

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