Hello,
I applied for personal loan(unsecured loan) and repaid emi till now, more than 3.5L still remaining. Secondly, I also have accured interest on Credit card and haven't paid(unable to pay) since last 3 months, with interest it has burgeoned to about 5L.
Currently, I have no income source or assets to sell to offset the said amounts. Since the bank will likely begin law proccedings soon I assume can I file for individual insolvency? Do I need to do it since the loans are unsecured(no liability)? I live in Varanasi and there is no DRTs here so how to procced? I have tried with the bank to restructure my debts previously but denied every time. Now being completely broke I won't be able to pay them anyhow hence what are if any other solutions for me?
Regards
