Advice on non payable loan by father

Manuj Matta (Querist) 04 October 2012 This query is : Resolved
Dear Sir

Need advice

My father took a personal loan from a private organisation near our house.He was paying it until his business was giving him something but finally his business has finally stopped giving anything to us.He had given cheques to them for installment , the last 2 of them have bounced which amounted NR 32000/- .

As far as paying is concerned my father is bank corrupt now and we are unable to pay them.

I wanted to know what are the legal actions they can take against my father and what court rules suggest is the method of paymen t in case a person has gone bank corrupt and his family is not ready to support him for paying his loans? Does court force to pay such loans in one go?

Also they are calling and giving life threats to my father and I have been told that they pay police people bribe so no one can stop them so what should be our action to such threats / bribed police men?

And lastly I wish to mention there is nothing that is in my father name right now its either me or my mother including the property or car

What should be our step to such situation?

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ajay sethi (Expert) 04 October 2012
if your father has become bankrupt he should declare him self an insolvent . contact a local lawyer .

if cheques have bounced bank will take legal proceedings incluidng filing of cheque bouncing case against your father

Guest (Expert) 05 October 2012
Agree with Shri Sethi. Bankruptsy has to be formally declared and notified in the newspapers and the creditors have also to be duly informed about that.

Manuj Matta (Querist) 05 October 2012
But Mr Sethi, None of the loans taken by my father are from Banks , they are the local people who have opened there own finance business legally. They threaten my father hes under depression and stress because of it.. that is the main reason hes more afraid then being afraid of the legal issues

ajay sethi (Expert) 05 October 2012
in case your father is threatened he has to file police complaint aginst them . record the threats .

K.K.Ganguly (Expert) 06 October 2012
File a Bankruptcy Petition before the Court. It also has negative impacts which should be kept in mind.

Loge a police complaint regarding the threatening.

Manuj Matta (Querist) 06 October 2012
So if I file petition that my father is bankrupt, can court cease my assens like home and car which are under my mother name and not my father and what about debtors how can we still repay there debt amounts after declaring it?

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