Sudden business loss

krishna mohan (Querist) 24 July 2013 This query is : Resolved
dear sir, i borrowed money from some people for business.i have been paying interest from 3years .suddenly i got loss in business but still i am paying interest to all of them by lending money from other people ,but all of sudden i am unable to pay the amount.there is no way to pay to them.i dont have any properties.there is no other way except suicide me my wife and my two kids.i just want some time to clear thaire principal amount.i am not a type of cheating and escaping mentality.please suggest me what to do.

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Dr. Jyothi Vishwanath (Expert) 24 July 2013
Dont commit suicide. Life is more important than rest. If you are unable to pay, apply to the court for declaring you as insolvent.
This is better than committing suicide.

R.K Nanda

(Expert) 24 July 2013
no more to add.

Rajendra K Goyal (Expert) 27 July 2013
Apply court to decide you as solvent.

Raj Kumar Makkad (Expert) 30 July 2013
Only coward think such type of things. We have nothing to opine more than this.

Guest (Expert) 30 July 2013
Declare insolvancy. Otherwise, make your financial position clear before the lenders, request them to waive off interest and wait for the revival of the business to enable you to pay back the principal amount of loan. You may take help of some of your most trusted relative or friend to contact your borrower to make your position clear on your behalf.

Sudden business loss

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