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)

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.

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