PERSONAL LOAN. CHEQUE BOUNCE. NOW BUSINESS LOSS. UNABLE TO RE-PAY.


SIR LAST 8 TO 9 YERS SE ALAG ALAG BANK SE LOAN CHAL RAHA HE BHAR RAHA HU BUT NOW IAM LOSS IN MY BUSENESS SO I CANNOT PAY PERSONAL LOAN AMOUNT TO KYA KARU ?

Answers (2)


118 votes

first you have to show that you have huge loss in your business in your company and you are not ale to give the loan or amount which you have used or credit card in that you have to make that you want time in that so for that have file a writ against the bank to make some time in that court give you time or sold your property the amount which you have used.


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211 votes

You need to file an insolvency petition before the appropriate court. The petition declares that you are unable to pay your debts and therefore your assets will be liquidated to repay the loans. The advantage of filing for insolvency is that creditors cannot chase you and will be directed to present their claims to the court where the petition is pending. The down side is that your credit rating will be adversely affected and you can be on the CIBIL list for up to 10 years.

You will not get any substantial loans after being declared insolvent. Further, you should also try approaching the bank to have the loan restructured, i.e. by reducing the EMI and by increasing the number of installments and time for repayment. Prioritize paying back those loans which have the highest interest rates.

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