unable to pay loan

dk.anand (Querist) 23 September 2009 This query is : Resolved
dear sir, in order to aviod serious repurcussions of any legal actions form bank or company ,it is better to file petition for inslovency if he is unable to pay debts.riven

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Y V Vishweshwar Rao (Expert) 23 September 2009
Dear Anand ,

If there is no other go to the party and he is unable to pay the debt/s , the party may finally choose to file Insiolvency Petition , to declare him as insolvent.

Raj Kumar Makkad (Expert) 23 September 2009
I think you are not putting any question rather telling all of us. Your opinion is gud but it is very difficult to do so because every property/belongings has to be shown as zero except the wearable clothes through convincing evidence. better make compromise with bank. These days banks have power to exempt even 50% of loan amount in some cases.riven

Adinath@Avinash Patil (Expert) 23 September 2009
It is better to file insolvancy petion but do confirm that you have any immoveable & moveable property in you name.And it is also safe guard you gaurantors of you loan of bank.If your guarantors also do not have any property.Then you file insolvancy petition.riven