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A_man Fighting for Justice (Unemployed)     22 March 2011

Can't repay my loans. Can I file for Bankruptcy?

Brief Background: Owing to a false dowry death case lodged against my entire family by the in-laws of my elder brother in October 2010, I lost my job and have been absconding since then. I also had to vacate my rented flat and have been hiding at a friend’s place since the said incident occurred. In order to avoid arresting of my wife and aged mother, I have spent all I had to get an arrest stay/anticipatory bail but alas! all has gone in vain. However, we have now got some respite from the Supreme Court few days back and are looking to surrender & apply for bail soon. For details visit my previous posts:-

 

But Destiny had other Plans

https://www.lawyersclubindia.com/forum/But-destiny-had-other-Plans-29805.asp

I declare my Defiance

https://www.lawyersclubindia.com/forum/I-declare-my-Defiance--29806.asp

 

Currently: I am in debt over my head.  Have redeemed all my SIPs and bonds, have sold off my ACs , Refrigerator, Microwave, Hanycam, Laptop, Mobiles and furniture to pay for legal and other expenses. Do not even have enough money to buy food. The easiest way of getting out of all this is to commit suicide but I am afraid even that wouldn’t bring an end to the sufferings of my family. Can’t think of anything, please suggest if filing for bankruptcy is a wise idea. If yes, how to go about it. I have following loans:-

1.     Car Loan: Monthly EMI Rs.14000/- (Not paid since Oct’10)

2.     Credit Card: Total Amount Due Rs.162000/- (Actual Amount Due Rs.120000/- balance is interest and late payment charge.)

3.     Personal Loan: Monthly EMI Rs.8000/- (Not paid since Oct’10)

4.     Loan taken from friends & family: Rs.4.50 Lacs.

 

Also, since I have been absconding for the past 6 months, what are the chances that these lending institutions have already not initiated legal proceedings against me?



 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     22 March 2011

Lening institutions will definately initiate the legal proceedings, they may take time to do so.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     22 March 2011

Far all civil proceedings it will do but not for criminal ones such as NI 138.


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