Unable to pay personal loan
4 years ago
I am having clot in my heart and twice I have been operated now my heart pump count is 30% I am not sure how long I'll be living, I cant pay now my banking debts there are 2 personal loan which I cant pay if I pay to bank I cant pay to doctors for my further treatment, please can you advise wat should I do next . Will getting bankrupt helps me .
Please advise.
Shreyash Mohta
Responded 4 years ago
A.If you have taken loan from the bank then it becomes your responsibility to repay the same.
Having that said, if your financial condition is poor you can opt for out of court settlement and also in other cases opt for bankruptcy.
If you opt for bankruptcy,
you shall need a lawyer who shall draft a petition under the insolvency and bankruptcy code and shall declare you as bankrupt.
Foor declaration of bankruptcy the following criteria needs to be fulfilled
1. You should not have any assets in your name,
if in case you are married
2. You wife should not have any assets in her name.
3. Your liquid assets should not suffice the payment of the bank.
Thanks
Having that said, if your financial condition is poor you can opt for out of court settlement and also in other cases opt for bankruptcy.
If you opt for bankruptcy,
you shall need a lawyer who shall draft a petition under the insolvency and bankruptcy code and shall declare you as bankrupt.
Foor declaration of bankruptcy the following criteria needs to be fulfilled
1. You should not have any assets in your name,
if in case you are married
2. You wife should not have any assets in her name.
3. Your liquid assets should not suffice the payment of the bank.
Thanks
Helpful
Helpful
Share
Rameshwar Dadhe
Responded 4 years ago
A.If you are unavailable to pay it nothing any property or may be then you can file
File a petition under the Provincial Insolvency Act through your lawyer. Under the Act, you will be filing a suit to declare that you are bankrupt. You should not have any assets under your name. In case you are married, your spouse should not have any assets under her name.
File a petition under the Provincial Insolvency Act through your lawyer. Under the Act, you will be filing a suit to declare that you are bankrupt. You should not have any assets under your name. In case you are married, your spouse should not have any assets under her name.
Helpful
Helpful
Share
Read Related Answers
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
My bank account got freezed
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Bank loan harassment
Dear Client,
In the given scenario, you can escalate your grievance with the Grievance Redressal Officer of the concerned Bank, and in case no suitable response is received from the GRO of the Bank yo...
Online Gaming -Can I be sent to Jail
Dear Client,
The Information Technology Act 2000 regulates cyber activities or online gambling in India. There is no explicit law that makes online gaming and gambling an illegal activity in India. O...
Online Gaming- Debit freeze
Dear Client,
Your query requires more details to address it suitably. You expressed your situation but not a cause of action that attracts a legal remedy. It is a virtual platform where in the absenc...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
