Mr. khan 28 April 2023

Insolvency Petition

I am a salaried professional with 24k salary living on rent with a family of 3 including me, I have taken way too many loans and now the liabilities of loans and EMIs is way more than salary, Please help me out in this, how can I get out of this situation ?

Reply Follow

3 Replies

T. Kalaiselvan, Advocate (Advocate) 28 April 2023

The only way to come out of this crisis is to talk to the lenders and get your loan restructured eo enable you to repay them by a convenient method suiting to your situation.

Oherwise you can wait for them to file the money recovery suit which will go on for years by which you can stabilise your financial status and will be available to repay the loans accordingly.