Bankruptcy

rajesh (Querist) 22 February 2013 This query is : Resolved
dear sirs,
I have been a defaulter in credit cards in 3 banks due to my extreme financial crisis.I am also facing a case against me by DRT where recovery and attachment certificate has been issued as i was a personal guarantor in my companies loan.these all issues are between 2007-2009.In 2009 i got married.I wish to file bankruptcy to get rid of this all.will my wife be held liable for my pre marriage debts?can her assets be attached?she is a salaried person and as of now our house runs on her salary only.please tell me the easiest way to file bankruptcy

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Devajyoti Barman (Expert) 22 February 2013
Whether you file bankruptcy case or not, your wife is no way liable for these.

rajesh (Querist) 22 February 2013
sir,will i be able to get rid of this mess if i file bankruptcy?

rajesh (Querist) 22 February 2013
a)i dnt have any property in my name but my wife has.....will that affect us if i file bankruptcy?
b)will my bankruptcy restrict me from going abroad if i wish to go and work abroad?

Devajyoti Barman (Expert) 22 February 2013
You need not file any bankruptcy case. It would not be of much use.

rajesh (Querist) 22 February 2013
but sir i thought this is the only way left for me to get out of this mess....dont you think so?
wont i be relieved from my creditors such as drt and credit card companies?
please advise....

Raj Kumar Makkad (Expert) 22 February 2013
Yiu cannot be relieved from your liability without paying outstanding money.

ajay sethi (Expert) 22 February 2013
once you are declared an insolvent you cnnaot leave city . if you are insolvent means you are unable to pay your debts then how can you travel abroad

prabhakar singh (Expert) 22 February 2013
An adjudicated bankrupt is called insolvent whose properties are divided among his creditors prorate subjected to preference of secured creditors.

The second impact of the adjudication is that such a person is called insolvent in the language of law.

An insolvent is not treated as a person competent to enter into any contract from the date of such final adjudication.

rajesh (Querist) 23 February 2013
what is the way out?what can u suggest sirs?i am in a bad financial state.how can i live peacefully?

Nitish Banka (Expert) 25 February 2013
Settle ur outstanding amount by negotiating with ur creditors,The best way out.You can even try to convince them that u will pay back the amount also in the court,u can say that u will pay the amount but need time.