Can an unemployed person apply for insolvent and bankrupt
Can an unemployed person apply for insolvent and bankrupt
I was working until last year. Due to a severe health issue, I cannot join any job. I have taken loans of around 13+ lakhs and 1.3 credit cards. I have not paid EMI for the last 1 year. I get constant
3 months ago
A. Dear Client,
If you are facing financial distress and are unable to repay your loans due to health issues, you may consider filing for insolvency under the Insolvency and Bankruptcy Code (IBC) in India. The process involves declaring yourself bankrupt and seeking resolution for your financial obligations through the National Company Law Tribunal (NCLT). Filing for insolvency can provide relief from creditor harassment and give you an opportunity for a fresh start.
Once you obtain an insolvency c ...ReadMore
Salaried Personal Load Repayment
Sir, I have taken the personal Loan in 2019, due to some financial losses i haven't paid my Emi's on time, but as on date i have cleared all my Emi's. but still, I am getting legal notices Like will S
3 months ago
A. Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA and charges interest over the outstanding amount of the loan enhancing the tenure of repayment of a loan that increases your liability even if you clear your rest EMIs against the loan. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against the loan. In the absence of any response from ...ReadMore
sejal patel
My Brother Has Taken Loan Of Rs.2.5 Cr From Co Operative Bank Against House Of My Father Valued Rs.3.3 Cr And My Father Was Co Borrower For This Loan. My Father Died In March2021 Then After Me And My
3 months ago
A. Dear Client,
From the contents of the query, it is not clear how you and your mother withdrew or relinquished your right from the property of your father in May 2021 after the demise of your father in March 2021 when the property was mortgaged against a secured loan. When your father was a co-borrower with your brother against a secured loan and died intestate, i.e, without a Will, before your relinquishment or withdrawal of your right from the said property that does not waive or exempt you fro ...ReadMore
Filing for bankruptcy
I am doing a private job. I have many loans & my total emi's per month are triple of my monthly salary. Can i file for bankruptcy? Will it effect my job? I am having a house loan of 32200 per month. T
4 months ago
A. Dear client,
In the prevailing situation, you may file for bankruptcy. 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 of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application ...ReadMore
A. Dear Client,
Senior Citizens are the soft target of cheaters/fraudsters who took advantage of their deficiencies and disabilities arising out of degenerative issues. So, once cheating or fraud happens with a Sr. Citizen, a complaint should be lodged at the local police station. Few State Govt has opened Sr. Citizen's Cell in the police station and other places to address the crimes related to Sr. Citizens. An Elder Help Line (No.14567) is launched by the Ministry of Social Justice and Empowermen ...ReadMore
Education loan repayments
I took an education loan of 330,000 in 2016 for the period of 2016 to 2019. After my graduation, I started preparing for government exams, but unfortunately, I have not succeeded in securing a job. I
4 months ago
A. Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. 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 settlemen ...ReadMore
Recovery agents harrassment was not accepted by the loan company
I took a loan from an NBFC. I could not able to pay my loan for couple of months. For that they harrassed me like anything. Their recovery agents called me, my friends, my relatives for my payment and
4 months ago
A. Dear Client,
The RBI has given guidelines for fair recovery practices which focus on making the recovery process fair and not oppressive towards borrowers. Based on the guidelines the recovery officers can not resort to coercion or use of force in the recovery process.
For the harassment you went through there are multiple sections of the Indian Penal Code that can be used to start criminal proceedings against the recovery officers. Section 506 (Concerning Criminal Intimidation), allows the d ...ReadMore
NPA against a property which is not delivered by builder
I have taken a under construction property in 2015 in subvention plan of Rs.27lacs because I was not able to pay house rent and emi. Builder has paid pre emi for appx 2 years, then stopped it. I have
4 months ago
A. Dear Sir,
You have to get issue a legal notice to the builder and try to solve your issue otherwise bankers may start recovery proceedings.
Debt settlement
Hi can we have debt settlement services for ongoing debts
4 months ago
A. Dear Client,
Yes, you can. But for that you will have to share all the details with our team of lawyers who should be assessing the loans and the outstanding debt post that they will assist you in getting this settled with the bank
Repayment of Loan amount
Hello Sir, This is Naveen from Hyderabad. I have an unpaid personal loan of 330000 from Bajaj, where I have paid an interest of 4900 every month for 2 years. I lost my job in pandemic and I was not in
5 months ago
A. Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. 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 settlemen ...ReadMore
