How to solve financial problems

Sreenivasa Rao. S. (Querist) 26 June 2013 This query is : Resolved
Dear Experts,

One of relative son-in-law is from Guntur, A. P. he was leading a happy life with wife and a female child. In the year 2012 he started a business by borrowing for huge rate of intrest, due to his bad luck he was put in loss in the business.To pay intrest his used to borrow and pay the intrest and my liability is as on date Rs.50.00 Lacks, pupil are pressuring and harrasing him to clear the dues. heleft my job and obsconded with family he have no other source debtors are visiting his house at Guntur for repayment of their dues, his position is very bad unable to meet minimum expediture for his family. In this stage can he approach local police and surrender him self for his and family protection, he does not have any back support. Please help him by giving correct suggestion to continue in the same place and lead previous life without any harrasment.

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ajay sethi (Expert) 26 June 2013
he should make an application to local court for declaring himself an insolvent .

Amritesh Mishra (Expert) 26 June 2013
true, he should file petition for insolvency. He has committed an act of insolvency, so his petition will be entertained.

Raj Kumar Makkad (Expert) 26 June 2013
Your relative can definitely seek the protection for himself and family as no citizen can be treated unlawfully. If someone has to demand his payment, he should go to court for the recovery.