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FILING BANKRUPTCY AS I CAN'T BEAR RECOVERY CALLS OF CREDIT CARDS
12-Jan-2023 (In Recovery Law)
CAN I FILE BANKRUPTCY IF I AM WORKING. I AM VERY DISTURBED FROM CREDIT CARD AND LOAN EMI CALLS AND LEGAL NOTICE.
Bankruptcy or insolvent person is the one who is unable to pay his debts. However, you can file insolvency petition only if your liabilities exceeds your assets, making impossible to pay the debts. Further, this option not available for all the people.
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Adv. Shikha Gupta
Delhi | 50+ Answers
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You need to file a petition under the Provincial Insolvency Act, you can file for bankruptcy if you are unable to repay a debt more than Rs 500. If your application is accepted by court than court may pass injunction (stay) agaist further recovery of creditors and a receiver will be appointed by the court, and your assets will be distributed among the creditors for compromise and then you will be discharged from bankruptcy.
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Pace Legal Consultants
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Adv. D. Khan
Delhi | 1000+ Answers
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