Bankruptcy
sanjay
(Querist) 01 January 2015
This query is : Resolved
I started trading in shares as a full time profession with a personal loan of 11Lacs and 4 lacs of saving. I lost it got refinanced for 10lac from parents with a hope to recover it, didn't work.Got another refinance of 10lacs,again failed. Now left with 3 lacs only and wish to save this for any emergency.I am searching for a job to take care of family expenditure as no other source of income as my father has retired from job now. My brother earns 7.5K and i am expecting 35K 9 which was my last drawn salary).Now emis are worth 34K, so once if start earning, will not be able to pay emis.I am under lot of stress and wish to get out of it.I have been regular with emis till now.
Now i wish to file bankruptcy, please guide about pospects of success,litigation costs,procedures,etc.I have no assets except for my laptop.
P.S.
I have not withdrawn my PF money(40/50K approx).If i apply for withdrawal,it will take a few months.Would it be given to creditors if i fail to withdraw before bankruptcy(if and when)is granted to me or would it be safe in PF account.
sanjay
(Querist) 02 January 2015
Since there was no reply to this query ,hence i posted the query again.I didn't realise that it will go as a new thread.Anyways,please help me with this, so that i can take the necessary steps ASAP.
Thankyou.
Devajyoti Barman
(Expert) 02 January 2015
You can file petition under Insolvency Act for adjudging you as an insolvent.
In the said petition you have to declare your assets and liabilities and the case is to be filed against the all borrowers whom you owed money.
The case is filed in the court of Additional District Judge and it is a civil proceeding.
Meet a lawyer who has experience of filing such cases.
