Bankcurptcy filing
4 weeks ago
Respected Sir,
I have 39 lacs debt on me due to stock market loss. I have taken all amount from bank and nbfc. Now bank is filing cheque bounce case on me. Emi combining all loan become twice then my salary. I have requested them that I will settle one loan per year in 12 installment and that's way I will return money in the form of settlement within 5 years but they are not agree. I don't want to do sucide. My salary is 70000 per month but After deducting house hold routine cost there are hardly 25000-30000 savings remain per month and combined emi of all loans are more than 1 lac . I don't have any property, savings, gold. Can I file bankcurptcy? Will it helpful to me ? If yes then how can it will be helpful. How much lawyer charge for filing individual bankcurptcy. If I will file bankcurptcy then after that I don't need to pay loan due amount? Please help me and guide me. I would like to come out from this and live with my daughter. She is just 2 years old. I don't want to do sucide. I know the feeling when anyone lost father because I don't have father right now. Please guide me
A person is personally liable for debt availed of from a financer and legally, there is no escape route to get rid of that liability. The financier shall take its own course of legal action to recover the debt from the defaulter. Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500.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, in the absence of any property/assets, your insolvency petition may be rejected by the Court. 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 an amount of fees/service charges. 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 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. Finally, when you settle a debt with a credit card company, your account is closed once the settlement is complete. So you could potentially have no credit facility to use a credit card further owing to your poor credit(CIBIL) score. 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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