Bankruptcy and Debt

5 years ago

Dear Sir / Madam, I have taken 6 different personal loans and used 2 credit cards. My total debt is about Rs 57 Lakhs. I don't own any property or any other assets. My total EMIs are about Rs 1,30,000 and household expenses of about Rs 65,000 which includes house rent and kids education expenses. My monthly salary is Rs 1,35,000. In order to pay full EMIs every month, I end up borrowing more to take care of my household expenses. I requested the lender of my biggest loan (EMI Rs 51,000) to restructure my loan terms to reduce my EMI and increase tenure. But they declined to do so. Last two months, I tried to pay partial EMI but they used threatening language and harassed me by dropping by my home and trying to enter my office premises. So I got scared and had to borrow from my relatives to pay full EMI. I cannot borrow more every month and increase my debt. Please advise me if there is a way to get some court order which will allow me to make partial payments towards EMIs or instruct lenders to restructure my loans to reduce EMI and increase tenure.