Need advice

Subhojeet Lahiri (Querist) 21 January 2011 This query is : Resolved
I have a loan of 1.5 lakhs from 3 banks. Since 8 months I'm job less. Cant get any sort of help from the family.I was thinking of applying for a bankruptcy suit.I need some help regarding filing it and what all things i should keep in mind before filing it. Will this step help me to over come this trouble regarding loan. Are there nay repercussion of it. please advice..

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S. Bharath (Expert) 21 January 2011
Bankruptcy plea is an extreme measure; in the present levels of economic activity, the amount you have mentioned appears too flimsy to warrant such an extreme measure.

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