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Want to file for bankruptcy. what is the procedure ?


25-Nov-2023 (In Recovery Law)

I want to file for bankruptcy because I am having credit card debt of Rs. 1,95,000. I am unemployed and I don't have any assets.what is the legal procedure

Answers (2)

Answer #1
783 votes
I think you want to get your self declared as insolvent. For that have to file a petition under Insolvency Act, there is Insolvency Judge in each District Court. The Procedure in the cases of insolvency are of Civil Nature. For getting yourself adjudged as insolvent you have to go through by the Insolvency Act, or consult any advocate in your District. Regards,
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Advocate Rohini Kumar

Adv. Rohini Kumar

LawRato Delhi | 5+ Answers
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Answer #2
898 votes
I will suggest you that plz dont file for bankruptcy since after being declared as bankrupt, you wont be able to avail of any banking service. there are other ways out. but if you are stick to this only then you have to file a petition before civil court in that respect. the court has power to declare you as bankrupt.
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Advocate Vaibhav Prakash Shukla

Adv. Vaibhav Prakash Shukla

LawRatoDelhi | 25+ Answers
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