I am not able to pay any EMIs
6 months ago
I stay in Hyderabad .. Vanasthalipuram have 72 lakhs debt and I lost my job in August. I am not able to pay any EMIs from this month onwards and I started getting reminder calls. I do not have any money also in my bank account and I do not have any assets . The only thing that I get in future is a job.. my experience is 18 years as Associate manager and I am searching for a job right now. Please suggest what to do now
A.Dear Client,
If your situation is dire and you see no other way out, you might want to consider the possibility of filing for bankruptcy under the Insolvency and Bankruptcy Code (IBC). Prepare all the required documentation, which may include financial statements, information about creditors, and a debt repayment plan. This will be reviewed by the insolvency professional. Once the application is accepted, a moratorium is imposed, preventing creditors from taking any legal action against you during the insolvency process.
If your situation is dire and you see no other way out, you might want to consider the possibility of filing for bankruptcy under the Insolvency and Bankruptcy Code (IBC). Prepare all the required documentation, which may include financial statements, information about creditors, and a debt repayment plan. This will be reviewed by the insolvency professional. Once the application is accepted, a moratorium is imposed, preventing creditors from taking any legal action against you during the insolvency process.
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