Can an individual file for bankruptcy to avoid repaying loans
11-Sep-2023 (In Banking / Finance Law)
hi, i have various personal loans from different banks. from last year i do not have a job and i cannot repay them.is there any possibility to file bankruptcy??if yes then please let me know the cost and procedure so that i can proceed further with you.
YES YOU CAN DECLARE YOURSELF AS BANKRUPT IN THE ACT PROVIDED, THE FEE IS NEGOTIABLE YOU HAVE TO REACH TO US AS SOON AS POSSIBLE FOR DISCUSSION OF YOUR CASE....KINDLY COME TO MY CHAMBER ALONGWITH ALL THE DOCUMENTS PERTAINING TO YOUR LOAN
The Insolvency and Bankruptcy Board of India (IBBI), the newly established regulator to reorganise insolvency laws in the country, is working on guidelines for individuals who want to declare bankruptcy and will also allow voluntary liquidation by companies, chairperson Madhusudan Sahoo said in an exclusive interaction with ET.
The IBBI is the nodal agency for implementing the new bankruptcy law under The Insolvency and Bankruptcy Code, 2016, which consolidated and amended laws relating to insolvency of companies, partnership firms and also individuals in a time bound manner. Laws providing for individual declaration of bankruptcy are currently state-specific, but have been seldom used because of the tedious process associated with it.
The IBBI is the nodal agency for implementing the new bankruptcy law under The Insolvency and Bankruptcy Code, 2016, which consolidated and amended laws relating to insolvency of companies, partnership firms and also individuals in a time bound manner. Laws providing for individual declaration of bankruptcy are currently state-specific, but have been seldom used because of the tedious process associated with it.
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