filing bankruptcy

alankar (Querist) 11 September 2008 This query is : Resolved
i m a young man who strted business last year with lot of hopes by taking funds from banks....but no due to los in business i m enable to pay my personal loans nd credit cards payment can file bankruptcy and can i start again working somewhere so that i can feed my family without bank harrashment ? pl guide me about bankrupcy pl argent

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Jithendra.H.J (Expert) 11 September 2008
Appraoch the court by filing a petition to get the order that you are bankrupt-(paupar chit)

alankar (Querist) 12 September 2008
can u just guide me for this procedure pl

J K Agrawal (Expert) 14 September 2008
You are to file an application under Provincial Insolvency Act (Or Presidential Insolvency Act if you live in metro city . You are to state list of all your creditors and loan amount interest and other informations. You are also to state all your movable and immovable properties and value thereof. The court will appoint liquidator who will take custody of all your assets and shall distribute among the creditors. After that the Court will issue a discharge certificate. Then after only you can start your new business. Please carefully note that after starting the court process you can not start any new business nor you can enter into a valid contract unless and untill the court issues to you discharge certificate.