Insolvency Petition

You can definitely file an insolvency petition provided you do not have any assets in your name and that your debts have become so much that it is beyond ur control or repaying capacity.

I do not have any assets on my name and i am from middle class family

i lost my job due to recession in markets and now unemployed from jan 2009

kindly provide me the procedure of filing an insolvency petition.

advantages and disadvantages of filing an insolvency petition .

costs involved in filing an insolvency petition.

relief i get by filing an insolvency petition.

You can file insolvency Petition & Costsd is not more - contact your local  advocate

Once You file - IP- You  have to face  all consequences - i.e;- In most of the  matters , a condition will be there- that person applying for  /contestign to  /availing loans  /contracts /etc-  not declared as insolvent - it is disabiltiy - no one wants to be declared as insolvent , unless it is so required

No Job since January 2009 is not to be considered by you . Hope You will get  good Job , the recession may not becontinuing for long period - be hopeful

Thanks for the reply

as i was in default due to loss of earning

most of the loans and cards have been blocked and in the process of closure as i could not pay them any amount from past 4-5 months

now they are demanding the full amount and in the legal process , which i cannot pay now as salary is the only souce of income for me

kindly suggest me

Wait till the Banks file sutis for rcovery of dues - I advise not to file IP 

But how long can he be an indigent person or an involent; the person could be qualified and has ability to earn; Is there any ruling that once a person declares himself giving affidavit to be an indigent shall remain ingent for ever ?  Is there any LAW or case to bank upon ?

i have a job but have debts upto 20 lakhs which include personal loans.creidt card debts and also a chit fund.i am unable to pay these debts as my salary is not sufficient and my husband is retired and heart patient.can i file for insolvency will i get relief from all these loans though my son is also helping me but no sufficient as i do not have a house or any assets to liquidate

please advice

My employer terminated me on disciplinary grounds which is yet to be proved.  I am job less for 1 year and have credit card, personal loan and home loan aggregating to 20 laks.  One of the banks has already filed a case and other banks may follow.

My home is registered on my name and my wifes name. What will be the consequences of filing IP at this stage.

please email me abrahamsimons@gmail.com

My employer terminated me on disciplinary grounds which is yet to be proved.   Which means I can never get a job due to the termination letter.  I am job less for 1 year and have credit card, personal loan and home loan aggregating to 20 laks.  One of the banks has already filed a case and other banks may follow.

My home is registered on my name and my wifes name. What will be the consequences of filing IP at this stage.

please email me abrahamsimons@gmail.com

Mr. Abraham:

If you choose to file an Insovency petition the official receiver will come into picture and take over the house auction it and settle all your debts on prorata basis - and you will be declared as an insolvent if the auction sale of the said house does not meet the existing loans fully, there ends your liability towards your loans.  But on your house the bank that had advanced housing loan will have its first charge and only after complete fulfilment of the outstanding housing loan debt the residue if any will be distributed to other creditors.   If your wife has her own income and she can prove that she too had contributed for purchase of house, even then since one of the joint owners have filed an IP the receiver can give her n option to buy you out.

Thank you so much for the valuable inputs.  I will discuss this with my wife.