Bankruptcy role of children's and wife's property

Dear Sir,

The matter of responsibility of Children/Wife with regard to the Loans taken by the Father/Husband were discussed in this web site earlier.  Please use the following link and read the same:

https://www.lawyersclubindia.com/forum/Bank-threatens-me-father-107649.asp#.VEmrd8mWCtw

Individual loans do not affect the immovable or movable assets of wife or children.  You may  take the advise of a lawyer  in your locality for further issues.

Thanks a lot for your replies ! 

Now the guy with the blank cheque and blank stamp paper lodged a case against me for Rs 10 Lakhs.

Few others will also do the same.

I have few questions: 

1. Can I declare myself as bankrupt ? Before the proceedings of the above case ?

2. (a)The home in which I am living is in the name of my wife from the starting, i.e after getting wealth from my ancestors. No proof of money source though exist while buying that house. 

(b) we also bought a shop(from the same money we got from my ancestors, which WAS in my name, BUT I sold it, few months back and with that money I paid back the edu loan of my son, which I took from the bank).

 Will this property(house) be effected by this case? 

Waiting for your reply.

Again thanks a lot for your help. It really meant a lot to me.

The property not in your name will not be affected in any way.  You can very well file a pauper original petition declaring all your assets and liabilities.  You should not show your wife's property as your assets.  The house in your wife's name cannot be  attached.

Hello T Kalaiselvan Sir,

Thanks a lot for your reply.

Can you pls guide me how to file a petition of insolvency.

What are the general punishments after filing petition ? 

Again thanks a lot sir for your reply.

There are no punishments after disposal.  the court will declare you as insolvent with certain terms as per law on the subject.  For filing a pauper case, you may contact a good lawyer in the local who will be able to guide you properly and to handle the case if you would like to retain him as your counsel.