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How to file for individual bankruptcy
13-Sep-2023 (In Banking / Finance Law)
I have personal loan of 3 lakhs and credit card due of 1.5 lakhs. Till May 18, I paid all EMI and Dues on time, but from March 18 I am jobless and unable to pay now. I like to file Individual Bankruptcy. Please let me know how to do and under which section (as of now, after amendment of 2016 of IBT).
Hello sir/mam
Bankruptcy is filed in an individual capacity with/without including the spouse, but first, you will have to hire a lawyer to help prepare the petition.
After the suit has been filed, the court shall fix a date for hearing. Here, you will be required to produce books of accounts, an inventory of your properties and the list of creditors. The court will examine your conduct, dealings and properties in the presence of the creditors. This gives the latter an opportunity to examine if you have made a full disclosure of your real estate holdings.
Bankruptcy is filed in an individual capacity with/without including the spouse, but first, you will have to hire a lawyer to help prepare the petition.
After the suit has been filed, the court shall fix a date for hearing. Here, you will be required to produce books of accounts, an inventory of your properties and the list of creditors. The court will examine your conduct, dealings and properties in the presence of the creditors. This gives the latter an opportunity to examine if you have made a full disclosure of your real estate holdings.
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Adv. Dolley
Ranchi | 25+ Answers
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