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How to proceed to file bankruptcy.
07-Mar-2023 (In Recovery Law)
Hi, I do not have a job from past 1 year, I have taken personal loan and used credit cards limit. Not able to repay. I do not have any asset in my name (property), except for a bike and car. Let me know how to proceed to file bankcruptcy.
1. Prepare your balance sheet – Bankruptcy is a legally acquired status and you will have to prove it in court. Court decisions are based on evidence and in this case evidence will be in the form of the assets and liabilities you hold. 2. Consult a legal advisor – Talk to an expert advisor on this matter. Advisor will study your balance sheet and explore the possibility of a court case victory. He will give insight about an individual filing or joint filing (with your wife) in case you are married. 3. File a Lawsuit for bankrupt status – Ask your lawyer to file a petition under the Provincial Insolvency Act and fight the case in court. Once you win the case, you will be deemed bankrupt and will be relieved from continuous hounding of creditors.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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