Vaibhav bhagat 06 October 2018

Debt burden due to multiple loans

Hi,

I am a resident of Vasai-Virar region in Mumbai

Debt of total 12 lakhs. with multiple loans. since 3 years...staying seperate from parents after marraige. took loans to buy products in house. got admitted in hospital...its expense and no salary for month made me go for another loan...like a payday..with huge interest ..to pay that off...took another one...then another...and so on..

Now i am under debt for 12 lakhs...with 13 loans in total. 3 credit cards outstanding.

last month my wife was admitted and cashless mediclaim failed.
i was already paying double the Emi of my salary.( 50k salary 90k Emi)

Now its been a month i havent paid any emi and all the banks are calling continuously despite of telling them that i will pay in next month.
my cibil is updated with outstanding and with so many loans i will not be able to consolidate as no bank is helping me consolidate.

how do i come out of this situation. and what is going to happen if i delay for more 3 months...clear some and move to other for paying

i am confused, stressed, tensed and dont know what to do, what will happen if i delay the payments more not intentionally but to clear the ones with higher interest first.
what will be the consequences.

please help me.

regards
vaibhav
7798526902

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6 Replies

G.L.N. Prasad (Retired employee.) 07 October 2018

Sorry Mr.Vaibhav,

Members can not offer advises or guidance on personal financial problems purchased by you and members can only sympathize you but can not show any way out to evade the outstandings and your credit rating might have already been Zero and you can not raise single rupee in any financial institution.

Dispose any assets and live peacefully forgetting all the past as a bad dream.

(Guest)

file for bankruptcy

Vaibhav bhagat 07 October 2018

How to file for bankruptcy? And how much will it cost me??

G.L.N. Prasad (Retired employee.) 07 October 2018

Members in the forum offer several types of guidance.

Ultimately it is for the queriest to introspect, get knowledge through reading, consider pros and cons and then finally to discuss his opinion with his advocate and then only take action.

If your liabilities to outsiders or more, your assets are limited, then you have to state your liabilities and assets to Court. After hearing all the concerned parties, . n official liquidator will be appointed by the court, who will confiscate all your assets dispose of them and distributes the proceeds of the sale of the assets to all creditors in a proportion. You may not get the market rates in such distress sale. For example, if you provide a list of assets to Court, the court may be getting Rs.10 lakhs, and your liabilities may be Rs.20 lakhs. The ten lakhs will be distributed equally to settle liabilities of Rs.20 lakhs so that your tensions and harassment are reduced.

Remember, you have to live with such stigma of filing insolvency petition in your entire life and even if you wanted to continue in any business or some other dealings there is one question in the application. Whether you have declared insolvent at any time YES/NO.

You can be protected from physical harm and harassment if you file such insolvency petition but it may harm you in several respects. It becomes a brand on you permanently and it may haunt your children and family also.

(Guest)

Originally posted by : G.L.N. Prasad
	Members in the forum offer several types of guidance. Ultimately it is for the queriest to introspect, get knowledge through reading, consider pros and cons and then finally to discuss his opinion with his advocate and then only take action. If your liabilities to outsiders or more, your assets are limited, then you have to state your liabilities and assets to Court. After hearing all the concerned parties, . n official liquidator will be appointed by the court, who will confiscate all your assets dispose of them and distributes the proceeds of the sale of the assets to all creditors in a proportion. You may not get the market rates in such distress sale. For example, if you provide a list of assets to Court, the court may be getting Rs.10 lakhs, and your liabilities may be Rs.20 lakhs. The ten lakhs will be distributed equally to settle liabilities of Rs.20 lakhs so that your tensions and harassment are reduced. Remember, you have to live with such stigma of filing insolvency petition in your entire life and even if you wanted to continue in any business or some other dealings there is one question in the application. Whether you have declared insolvent at any time YES/NO. You can be protected from physical harm and harassment if you file such insolvency petition but it may harm you in several respects. It becomes a brand on you permanently and it may haunt your children and family also.

Agree with Mr. Prasad

Vaibhav bhagat 05 November 2018

Hi,

I understand that there is harm for lifetime and for my childrens as well, if i file for bankruptcy. However i wanted to know how do i file for bankruptcy, and how much does it cost?

The only reason i am asking is because i know and have calculated, despite of trying to make the payments as in i get paid by my employers, it will still default payments for few lenders, and these lenders are not ready to wait neither ready to understand any problems rather threatening me that they will file a case or complaint in local police station, the agents are visiting my premises at odd hours like 11 at night, I dont know how do i live with this.

I wanted to know, if there is any way if i can legally issue a letter to few lenders to postpone the EMI for atleast 3 months, so that i can payoff the other few and then get back on track to the regular payments for the ones i have postponed.

I am in a huge mess, please help or suggest.