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Default unable to pay my credit cards and personal loan
09-Mar-2023 (In Recovery Law)
Loan defaulted how to survive from bank legal procedings? Can i file insolvency petition? i am from india i have 2 lacks personnel loan and credit card of 60 thousand in one place and 1.75 lacks loan and 1 lack credit card .this kind i have unsettled Credit cards another 4. due to sudden job loss and many family problems i have stopped paying i am away and in different place but since almost a year they r aggrassively following up in my previous address..... now my latest job is paying around 15 thousand with that i have started clearing some friends loans .
As per your query, you can file an insolvency petition only if your liabilities exceed your assets, making it impossible for you to pay the debt. Hence, this option is not open to all the people who are in debt. If a petition is filed on flimsy grounds or you are unable to prove that you cannot pay the debt, your petition will be dismissed. It is advisable to approach your concerned bank and request them for some time to pay the debt.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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