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Hello Sir, I had quit my job 2 years ago as I had to take care of my new born.. since 2 years I managed to pay my debt every month.. now it's impossible to clear my debt.. I have been unable to pay for last 4 months.. I would now like to file for bankruptcy to get rid of constant hounding from banks. I want to start a fresh. Please advise

A. http://lawgyaan.in/faq-insolvency-bankruptcy-code-2016-ibc/ FAQ on Insolvency and Bankruptcy Code, 2016 (IBC) FAQ on Insolvency and Bankruptcy Code, 2016 (IBC) The motive behind these Frequently Asked Questions is to address the basic queries of the stakeholder (Companies, Individuals, Partnership Firms, CEO, MD, Directors, professionals, students) on the Insolvency and Bankruptcy Code, 2016. Evolution, purpose of IBC and Authorities involved: 1. What is Insolvency and Bankruptcy Code, 2016? When does it come into force? The Bankruptcy Law Reforms Committee designed a set of processes to resolve insolvency and bankruptcy and with the suggestions of various committees, professionals and general public, the Insolvency and Bankruptcy Code, 2016 (IBC) was enacted and came into force with effect from 28th May, 2016. However, the provisions on Corporate Insolvency Resolution Process under IBC have come into effect only from 1st December, 2016. 2. What’s the purpose of framing IBC? It was framed with the intention to expedite & simplify the process of Insolvency and Bankruptcy proceedings in India, ensuring fair negotiations between Debtor and Creditor by removing the asymmetry of debt and default information. 3. How the process is said to be expedited? The insolvency resolution process which would otherwise take ages to conclude, shall now be completed by the Adjudicating Authority within 180 days of making the application, unless extended for 90 more days as per the provisions of the Code 4. To whom IBC is applicable? The provisions of the IBC, 2016 are applicable to Individuals, Unlimited Partnership Firms, Limited Liability Partnerships and Companies. The provisions relating to Corporate in the Code, i.e., Limited Liability Partnerships and Companies is notified and in force w.e.f. 1st December, 2016. The provisions related to Individuals and Unlimited Partnership Firms – the Part III of IBC, 2016 is yet to be notified. For full procedure contact me on mobile through Vidhikarya. Rate me Five Star * Please visit the following link. https://vidhikarya.com/LawyerRating/9506c43f5d0b2d266a07

I have used my credit card and my dues around 4 lakhs, including interest and all charges. I want to sort out the Issue without effecting my cibil , but bank person as given option of settle or full settle or Emi option for total dues.. But the amount of dues is actually double of Principle amount. I want to reduce the interest and other charges..is there any solution for that??

A. speak with the bank officials. However if you don't want your CIBIL affected you should pay the full payment which can be either one time lump sum amount or emi option.

Hello sir i am mukesh agrawal. I took a loan from home credit of amount 120000 on may 2017, I was continue paying my emi till august 2018, But dur some financial losses i was unable to pay my EMI , now i got a legel notice and they asked to pay full amount with interest and 100 rs notice charge within 7 days. Sir the address given to them was my relative address as home credit do not serve in my city but i dont live with my relatives now and company sending all the recovery elements even recovery agents to my relative home. Even i talked to them that i will pay my loan in some time and will pay monthly.. please help me what to do. I am very depressed.

A. contact the bank officials to stop sending the recovery team from harassing your relatives. In the meantime contact a local lawyer from DRT from Vidhikarya to reply to their notice. Alternatively you may contact the bank manager to give you some time to repay the loan amount as you're going through a financial loss.

Dear Sir, I have multiple personal loans from various banks around 4.5 lakhs & credit cards over due around 1.5 lakhs. Due to some financial issues I didn't pay the dues from last 5 months. All EMI'S will be auto debited every month in the first week. Now my salary account went into minus rs.50000/-. I need a stay order & willing to send the legal notice for money lendors. Kindly suggest me the best solution to resolve the issue.

A. Dear Sir, You may get issue a legal notice asking the bank to wait for some more time otherwise ask them to file a civil suit where you will get time by way of installments. For full procedure contact me on mobile through Vidhikarya.

Dear sir, I am a salaried employee in a private organization. I have multiple personal loan debts from various banks & credit card over dues from last 4 months. My financial position is very bad & I can't clear the dues for a long time. Kindly suggest me about legal notice to get relaxation from recovery agents harassment.

A. Dear Mr. Chandra Sekhar, This is not the right cause to serve Legal Notice. Best option for you would be to meet the Branch Manager of the Bank concerned and ask for additional time and refund the money as per the calculation and well in advance of time. That would really save you from a lot of crisis. Shanti Ranjan Behera Advocate

My name is B. Chandra Shekhar. I am a employee in a private organization. I reside at Hyderabad. I have personal loan debts & credit card dues. All loans were issued through my salary statement documets. From last 2 years I am a genuine customer to the various banks & money lenders. Recently from last four months I am unable to pay the EMI's & credit card bills. My income source is salary only. Due to some personal & financial issues that I didn't paid the amount in time & third party agencies are harassing me. Right now I don't have any source to repay the dues. I need an IP. Kindly suggest me what is the procedure to get an IP.

A. Dear Mr Chandra Sekhar, You need to pay the banks and other financial institutions. This is a repetition of the same question answered earlier. Shanti Ranjan Behera Advocate

I had paid INR 9.25L to a builder as Loan / Investor when the work of the building had not started with a condition that alll work will be completed with in 3 years and i will have a option to take my money back or the Flat. I have an Allotment Letter signed by the CO. with delay paymnet clause. Now the Builder is saying that becos of RERA his entire project has delayed by 2 years and doesnt have money to pay, so i need to wait to get my flat after 2 years with around additional 30% costs for Taxes, Duties etc.... I am not intered in taking teh Flat as i had given the money as Loan to him. Can i issue him a Legal Notice under Insolvency Act. I dont want my slef to be treated as Consumer under RERA as this will elongate my case. Please advice

A. Dear Sir, This is a Consumer Case, you can file a Consumer Case against that Builder. Please Consult Advocate along with all the Documents available with you to get clear suggestion and he will suggest you how to proceed with your case or contact me.

Dear sir i have a hdfc credit card , credit limit 35000, i have made 2 years minimum due 3000, but from past 2 months not able to make payments , i need protection legally to avoid recovery team, please tell me what action should I do legally

A. Dear client kindly visit your bank and discuss your problem with authority of bank.i hope they can help you to resolve your issue.

Can you please tell me the process, expenses and requirements for filing personal insolvency.

A. Dear Client, Personal bankruptcy is a legal process which allows you to be discharged from most of your debts. Once filed, the property of the debtor is given to a Licensed Insolvency Trustee who then sells it and distributes the money among the debtor’s creditors in settlement of the debt. Once you are bankrupt, the process is fairly simple. To obtain your discharge you must complete certain duties including: • surrender certain assets and your credit cards; • attend two credit counselling sessions; • provide proof of income and expenses; • make payments including if required surplus income payments; • provide information needed to file necessary tax returns. The best solution for you would be ask Vidhikarya,com to find a good Advocate specialised in Company Law for you who can do the job. Shanti Ranjan Behera, Advocate

Hi Sir/Madam, My name is Sriram from Vellore (Tamil Nadu). I got education loan for my engineering degree (2008-12) but could not able to repay entirely. I could not get a job for an year and the job wasn't paying me enough to handle my own expenses. And my mom got cancer and entire money went for that. and I paid 1.25 L and rest am paying month on month (15,000 per month). Am ready to pay 15000 every month but they filed a case against me and asking me to pay 1.5L now but I don't have any jewels or property to sell and pay them. I tried but could not get bulk money. The bank is not accepting my request. If they arrest me, my entire career and life will get spoiled. Kindly provide me suggestions that how can I handle the situation? Thanks in advance, Sriram K

A. Pl take services of a local expert lawyer for the same.