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Lot of loans in my name .not able to repay.loans done against my wish.


30-Sep-2024 (In Divorce Law)
Am housewife. My hubby took lot of online loans and other private loans I my name against my wish. He lost his job in 2023 July. All savings gone. Loan is about 60 lacs in both of our name. Not able to repay. No support from in laws. They have lot of property. We both are from well to family . How to overcome this debt trap? Emi starts from 2nd Oct but no money in account. If I divorce my husband , will it benefit me? We are not in good terms. My hubby has one younger brother.I have two sons.
Answers (2)

Answer #1
529 votes
0nce there are loans in your name, technically they are loans forward by you, so divorcing your husband will not get you out of this. the only way he is to file personal insolvency in district court under Provincial insolvency Act of 1929. Though Isla has been repealed by IBC Act of 2016, I have been filing and an average 4 to 5 cases every year since 2016. you can visit my office & See files
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Answer #2
544 votes
Dear Madam, To avoid harassment from bankers and other creditors of your husband it is better and wise decision to get mutual divorce or contested divorce. Thus, you will come in safer zone. Once all the loans are cleared by your husband you can resume your marital life. It seems due to your presence in his life your husband is not taking strong steps to get any other job to pay the EMI's.
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Advocate Kishan Dutt Kalaskar

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