Gambling Losses and Debt harassment from banks , nbfc and individuals

We have total 8 crore debt where 3.8 crore is banking and 4.2individual which is due to gambling addiction now my brother have to come out of this and start new life and repay without pressure slowly. Can we file bankruptcy for the same. Advantages and disadvantages for the same

Answers (1)

252 votes

1. As you availed the debt, you are liable to repay it.

2. but, at the same time the banker / individual borrower can not harass you for the repayment.

3. I suggest you to issue legal notice to them requesting stipulated time period to repay the debt.

4. If the harassment get continued by the debtors then you may approach police station to file complaint against them.

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Banking / Finance Lawyers

Advocate Bala Janaki
330 Thambuchetty Street, Chennai
34 years Experience
Advocate Barkha Bhalla
Banjara Hills, Hyderabad
16 years Experience
Advocate Vijay Tangri
Saket, Delhi
20 years Experience
Advocate Ravi Jadhav
Koregaon Park, Pune
11 years Experience

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 and has been responded by one of the Banking / Finance Lawyers at 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 or contact a Lawyer of your choice to address your query in detail.

Related Questions

" has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

Related Articles