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Nilotpal Datta (Teacher)     24 July 2011

Insolvency Act



My father is Retd.Officer and have taken loan banks & has credit cards from 2 banks, for last 4 months we are finding it very difficult to pay the credit cards payment due to our financial condition. All these days (from last 4 years) we were paying the emi's & min. payment to credit cards reguarly, but since Mar 2011 We are unable to pay the Credit Cards payments.

My Father's monthly pension is 16k and he pay EMI of 10900 + 3500, so he can't pay the Credit Cards & I am unemployed so I can't help him nor do I can pay my Education Loan of 6 lakhs.

Can We file Insolvency Petition?

If Yes than please guide me with a good advocate to solve this matter.

Pls. help me daily Credit cards recovery persons harrase Us here
Pls. replay to this question as soon as possible

Thanking you




 1 Replies

V.G.Rao Advocate (Advocate)     26 July 2011

Hi Nilutpal,

In your case no court can help you, as the courts will not declare a person in solvent, if the said case is filed against the banks,financial institutions, co.op societies etc, as the money involved therein are public money.

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