How can a person prove himself to be bankrupt or insolvent

We have personal loans about 5000000 we are not able to pay intrest so can we file bankruptcy or insolvancy we have no assets gold property vehicle etc... plz..... help us

Answers (2)

243 votes

you may approach an advocate to file insolvency petition and forma pauperis. the court will get rid of your unpayable debts and related harrasments. Yet, the court wont write off the debts created through fraudulent means and breach of trust. Generally there will be criminal liabilities generated by the creditors which you will have to pass through

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226 votes

If you are to declare yourself bankrupt then you will have to file an insolvency petition under the Insolvency Act before the concerned court. You will have to list the details of all your creditors and amounts due to them and state that you are to be declared insolvent by the Court. The court follows regular procedure involving giving of evidence by parties etc. before determining if you are to be declared bankrupt/insolvent or not.

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