EMI bounced with default in payment of loan to Bank

sir, I taken loan from bank credit card loans Insta and Jumbo 15 lakhs and as personal loan 2 laks..from three friends 15 lakhs for intrest... suddenly my company closed in south no job from 6 months and I loss nealry 40 laks in share market (shares derivatives trading).I files all loss returns.as of now no job no propeties with me to sell and clear the dues of friends and banks..my house is running because my wife working with her salary we are running our house expenses..im not getting what to do how to deal with bank guys...upto lost month i paid all the intrests and emis regularly..first time my EMI bounced this month im getting so tense please advice .from now situation is worst i dont know how to deal with my friends and banks please advice.

Answers (1)

First you consult a good charted accountant (CA). And file an Insolvency petion immediately. CA may guide you how to file an IP. IP notices serves to banks and your three friends.
Before filing IP please educate your wife about your situation. And with her knowledge you may file an IP.
In my view This is the only solution you have. After filing an IP consult a senior civil lawyer near you.
Thank you, have a nice day.

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