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Anonymous

Posted 10 months ago

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
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Deepak Yashwantrao Bade
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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.
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ROBERT D ROZARIO
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Kishan Dutt Kalaskar Retired Judge
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Deepak Yashwantrao Bade Experience: 9 Year(s) Nagpur
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