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Received a legal notice for not paying loan what can I do
29-Jul-2023 (In Banking / Finance Law)
i have received a legal notice for not paying the amount i received as a loan at interest of 10 rs but they mentioned 2 rs in the notice and i cant repay them as i paid more than the amount i took in the form of interest and had many others to repay and what i all had is just a house even by selling the house i cant repay everyone can anyone give me suggestions
HI,
you file insolvency petition before district court at which you resides. you prepare a list of your creditors
and file this petition before the court. then court will verify your petition and distribute your sale proceeds of your
house to creditors in the debt ratio.
this is the only way legally you can avoid your all creditors.
you file insolvency petition before district court at which you resides. you prepare a list of your creditors
and file this petition before the court. then court will verify your petition and distribute your sale proceeds of your
house to creditors in the debt ratio.
this is the only way legally you can avoid your all creditors.
Helpful?
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Adv. Sree K Sivakumar
Hyderabad | 100+ Answers
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