ask a question ask a question
Get Realtime Updates of your Request. Download Vidhkarya App

Ask a Question - Free Legal Advice

Q.Unable to repay loan due to bankruptcy
Administrative Law (456)
Adoption (122)
Advertising (53)
Animal Laws (40)
Arbitration and Mediation (40)
Aviation (15)
Banking (553)
Bankruptcy and Debt (182)
Cheque Bounce (405)
Child Custody (159)
Civil (2051)
Commercial (74)
Consumer Protection (573)
Contracts and Agreements (463)
Corporate and Incorporation (101)
Criminal (1608)
Customs, Excise (39)
Cyber, Internet, Information Technology (330)
Debt and Lending Agreement (79)
Debt Collection (166)
Divorce (568)
Divorce and Separation (1599)
Documentation (308)
Domestic Violence (581)
Election Campaign and Political Laws (20)
Employment and Labour (1111)
Environment and Natural Resources (29)
Family (1954)
Financial Markets and Services (93)
Government Contracts (51)
Human Rights (268)
Immigration (54)
Industrial Laws (55)
Insurance (75)
Intellectual Property, Copyright, Patent, Trademark (106)
International Laws (12)
IT Contracts (41)
Juvenile (17)
Landlord and Tenant (611)
Licensing (21)
Mail Fraud (14)
Maternity (61)
Media, Communication, Entertainment (16)
Mergers and Acquisition (20)
Military Laws (15)
Motor Accident (137)
Muslim Laws (60)
Outsourcing Agreement/Laws (5)
Partnership (61)
Police Laws (64)
Power of Attorney (75)
Privacy (92)
Property (2875)
Real Estate (405)
Registration (137)
RTI (110)
Sale (57)
Sale of Goods (20)
Sex Crime (141)
Sexual Harassment (6)
Sexual Harassment at Workplace (69)
Software License (4)
Tax (13)
Tax-GST (6)
Tax-Income Tax (26)
Tax-Property Tax (31)
Telecommunication (10)
Torts (22)
Transportation (59)
Trust and Society (NGO) (84)
Will (142)
Work Permits (33)

Q. Unable to repay loan due to bankruptcy

Placeholder image

kabir T

posted 3 months ago

My father took a loan(cash credit)(loan against property) from a bank of around 1.15 cr. he took it on himself, myself, my brother and on my mother(loan amount is divided in 4 parts). the property is registered with the value of 1.05 cr and now since around 5 months we have not paid emi and interest as we are completely bankrupt. we spoke with bank and said you may sell the property by court proceedings and recover the amount, they said the property value as of now is around 70 lakhs(as the market is down) hence now they are blackmailing us that they will file a fraud case against us. could you please suggest how to deal with this situation? we have already shifted our home to other city now as my dad had even loans of 3-4 nbfcs on his name. how can we come out of this situation, could you please assist? as we are not in a condition to pay even a penny.
Share this questionShare Icon

Showing 2 of 2 Responses

A. Dear Sir,
Common sense works here. The banker must know the value and no banker get the property with low marker value as security. Their officials will be suspended. Get issue a legal notice from office and we shall take the case against them only. You will get much more amount if sold in public auction.
For full procedure contact me on mobile through Vidhikarya.
Rate me Five Star *
Please visit the following link.

Found Helpful
Found Helpful
Share this answerShare Icon
Reply Here

A. Try to solve it peacefully

Found Helpful
Found Helpful
Share this answerShare Icon

Rameshwar Dadhe

Experience: 2 Year(s)

Responded 3 months ago

View All Answers
Reply Here
Talk to a Lawyer
Post Your Matter
Request Callback
Contact Us