Insolvency petition
prakash
(Querist) 18 November 2013
This query is : Resolved
Hell Sir,
I have a business running well 2,3 years back, i have taken finance from private people to improve the business, now business not running i can't able to pay childrens fees and shop & how rent also, every i have to pay these people only and they are thretening me also.
I have debts of credit cards and personal loans around 60lakhs
I do not have any assets on my name and i am from middle class family
i am unable to repay them due to financial crisis, i have lot of tensions due this i have chest pain also.
kindly provide me relief and the procedure, protection from police and these private financers(they can do anything even they my kill me also) i have filled insolvency petition,
now what proceed
Devajyoti Barman
(Expert) 19 November 2013
Yo should have thought of this tensions and chest pain while applying for loan for such huge amount especially when you do not have capacity to repay it.
Now you have no option but to pay for it. You have taken tax payers money and now you have to pay it.
You may however settle for lesser amount if the banks so agree.
malipeddi jaggarao
(Expert) 19 November 2013
contact a local advocate and file insolvency petition.
ajay sethi
(Expert) 19 November 2013
you have already filed insolvency petition .you would be declared insolvent .
R.K Nanda
(Expert) 19 November 2013
nothing more to add.
SAINATH DEVALLA
(Expert) 19 November 2013
When we run after loans,we are satisfied for the day but don't bother of the morrow,when we get stuck in financial crisis.I do not think these financial institutions would have lent you without any security or suriety.Insolvency though a suggested measure of advice may or may not work out.That's my opinion.
T. Kalaiselvan, Advocate
(Expert) 20 November 2013
Once your insolvency petition is decreed upon as prayed for, the assets whatever you have with you on your name will be auctioned and the income so derived will be distributed among the creditors.
