I want to file insolvency petition

Question

I want to file insolvency petition

17-Sep-2026 (In Recovery Law)

I have around 14 laks of loan from several payday loan apps and 7 lakhs from friends. I am unable to pay now and my monthly income is 60k. What to do legally.

Answers (4)

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Adv. Ravindra Anjaneyulu Adv. Ravindra Anjaneyulu

Anantapur | 5+ Answers

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Advocate D Lalith Kumar LawRato · Accepted Answer · 2026-09-17T11:31:58+05:30

Answer #2

sir you have two options one if file an perpetual injunction in a civil court of the situation is good that is fine .if not file an ip petition but you seems to look like an employee , the amount mostly shall be of business transactions in nature,regards

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Adv. D Lalith Kumar Adv. D Lalith Kumar

Secunderabad | 25+ Answers

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Advocate Pavani Kumari LawRato · Accepted Answer · 2026-09-18T19:40:41+05:30

Answer #3

You should not panic or take fresh loans to repay the existing ones. First, prepare a complete statement of all loan apps and personal borrowings, including principal, interest, repayment history and outstanding amounts. Communicate in writing with each lender requesting restructuring/settlement based on your ₹60,000 monthly income. Do not ignore legal notices or court summons. Also verify whether each loan app/lender is legally regulated and avoid paying any unauthorised recovery agent. A structured debt-resolution strategy should be prepared after reviewing the loan documents and repayment records.

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Advocate Mrudhula Jahnavi LawRato · Accepted Answer · 2026-09-25T11:17:46+05:30

Answer #4

If you are unable to repay the loans, do not ignore the lenders or take fresh loans to repay existing ones. Prepare a complete list of loans, outstanding amounts, interest and repayment dates, and approach each regulated lender for restructuring or a settlement plan. If recovery agents are harassing or threatening you, preserve the evidence and seek appropriate legal relief. Please share the loan details for a proper legal assessment.

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Adv. Mrudhula Jahnavi Adv. Mrudhula Jahnavi

Serilingampally | 200+ Answers

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