quesWant to file for bankruptcy. what is the procedure ?

I want to file for bankruptcy because I am having credit card debt of Rs. 1,95,000. I am unemployed and I don't have any assets.what is the legal procedure

  • ansI will suggest you that plz dont file for bankruptcy since after being declared as bankrupt, you wont be able to avail of any banking service. there are other ways out. but if you are stick to this only then you have to file a petition before civil court in that respect. the court has power to declare you as bankrupt.

    Advocate Vaibhav Prakash Shukla

      Gulmohar Park, Delhi

  • ansI think you want to get your self declared as insolvent.
    For that have to file a petition under Insolvency Act, there is Insolvency Judge in each District Court. The Procedure in the cases of insolvency are of Civil Nature. For getting yourself adjudged as insolvent you have to go through by the Insolvency Act, or consult any advocate in your District.

    Regards,

    Advocate Rohini Kumar

      Laxmi Nagar, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Recovery lawyers in India

Recovery Lawyers in India

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years


Advocate Sukhwinder Singh Rai

  District Court, Ludhiana
 Experience: 17 years


Advocate Sunil Kadam

  Fort
 Experience: 9 years


Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years


View all >>

How it Works

Know how LawRato makes legal easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly