Insolvency
2 weeks ago
I have lost my job and own properties, but my emies pending, can i apply insolvency petition. After that can i get any job
A.Dear client, you can file an insolvency petition under Provincial Insolvency Act, 1920 if the amount of debt must be more than Rs. 500. If you have declared as insolvent there will be a negative effect on your future prospects. Though you can get a job but it will be more difficult as being an insolvent. And no lender will give you any money afterwards.
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A.Dear Sir,
You cannot file insolvency petition under Section 10 of the relevant act against bankers, financial and institutions etc but you can file and get injunction against private creditors.
You cannot file insolvency petition under Section 10 of the relevant act against bankers, financial and institutions etc but you can file and get injunction against private creditors.
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A.Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing for bankruptcy have been met, the court may accept or reject the application. But, as stated having no asset with you, your insolvency petition may be rejected by the Court. Further, once a person is declared insolvent by the Court, it adversely affects the person's future career. Alternatively, you can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for a one-time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with any fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counselling session with a certified credit counsellor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing for bankruptcy have been met, the court may accept or reject the application. But, as stated having no asset with you, your insolvency petition may be rejected by the Court. Further, once a person is declared insolvent by the Court, it adversely affects the person's future career. Alternatively, you can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for a one-time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with any fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial crisis, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counselling session with a certified credit counsellor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
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