Insolvency

honey (Querist) 14 October 2016 This query is : Resolved
dear all,
i need a clarfication regarding insolvency petition. My family was in need of money to make me and my sister study. So many people gave money to my father for higher interest.. so now the debt has become so high that he cannot repay it...People are threataning my father... can my father file insolvency petition?..... how will it effect his children... will it be problem if his son is a public sector employee

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Guest (Expert) 14 October 2016
Come Out with your real name and identity.There is No problem which could not be solved but with proper approach and obviously with responsibility.

Guest (Expert) 14 October 2016
More than Money the Morality is More Important.It may be seen as if deceiving with intelligence would be a success but obviously not in the long run .The Long Run would certainly teach the Lessons.If your father had not issued any cheque he is safe to some extent.He had borrowed only for the studies of his children and now you want to skip them and Need Legal advise also for this.Better Call the Persons to whom your father owes Money ,Take Time From them .Tell them you will not be able to pay interest and sort it out amicably.If at all any one is Rude with you Just Call Me I would be there to help you as Moral support with out any Cost

honey (Querist) 14 October 2016
we paid all our money in interest...... still we are ready topay whatever we have.... but if my father or they file insolvency petition agaist my father, willl it effect public sector jobof his family members?

honey (Querist) 14 October 2016
some one reply... please?

Guest (Expert) 14 October 2016
Please Confirm whether your father had issued any cheque.Let your father call me if required Ofcourse as moral support

Ms.Usha Kapoor (Expert) 15 October 2016
If your father is absolutely unable to pay debts either he or his creditors may file pauper suit or Insolvency petition without court fee.The court will conduct a preliminary inquiry into his insolvency status and prepare a statement of his assets and liabilities and-to the extent possibly discharge his liabilities with the available assets and declare him an insolvent or pauper.Secured creditors get first preference in payment of debts.

honey (Querist) 15 October 2016
he gave cheques.... and will it effect his family members , if he files insolvency petition...can his family members hold public sctor job if he is insolvent?

Guest (Expert) 15 October 2016
The Job will not be affected for the Liabilities.But there are chances of deduction in salary depending on Court Orders.But Cheque Bouncing would be Criminal Offence.

Kumar Doab (Expert) 15 October 2016
Try to settle the matter amicably, if possible.

Rajendra K Goyal (Expert) 15 October 2016
If cheques have been issued, case under 138 N I Act can be filed, he can be jailed.

He can file insolvency petition.

It would not effect the service of children presently or in future.

R.K Nanda (Expert) 15 October 2016
Nothing to add more.

honey (Querist) 15 October 2016
My father is also a small employee in public sector.... If he files insolvency, will it effect his work?..one of the guy who gave money is threatning that if my father files insolvency petition, then all his family members will be efeected and public sector jobs of his son and daughter will also be effected....is he true.... will his insolvency petition effect job of his children?

Rajendra K Goyal (Expert) 16 October 2016
His job may effect.

All family members not effected by insolvency.

Insolvency

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