Insolvency
raj bhatia
(Querist) 23 April 2016
This query is : Resolved
I am thinking of filing for insolvency due to heavy losses in business. I do not own any assets.Please advise what happens after I file insolvency petition and I win in court. Will I be able to lead a normal life again. Can I get a job? Will I be able to get ancestral property?
Kumar Doab
(Expert) 25 April 2016
The debtors have first right on share/estate.
majority of the companies do not prefer to employ insolvent personnel.
You may not be getting loan.
It is not that easy to get order from court.
Still if you wish consult an able counsel.
Rajendra K Goyal
(Expert) 25 April 2016
Discuss with local lawyer regarding procedure. If you are not in a position to pay, it is better to proceed with insolvency petition.
Raj Kumar Makkad
(Expert) 26 April 2016
Definitely you can get your desire fulfilled by filing such petition through legal service authority of your india availing free legal aid but the subsequent consequences are more social than legal.
Practically one has to leave that place so as to save the bad memories and day to day taunting of the creditors and concerned persons and otherwise also a new life can be started only at new place in that eventuality.
Dr J C Vashista
(Expert) 27 April 2016
Well advised by experts, I fully agree.
Think twice before applying for insolvency. Social stigma shall remain attached with the next generations as well.
