Legal Question in Bankruptcy in India

Sir, I availed a personal loan of 250000, and I was out of my job a few months after that, thus was not able to pay 11 EMI's, now I joined a new company and the bank is asking me to pay the entire outstanding at once, I do not have that kind of money to pay them all at once, and they are not re considering to start my EMI's before I clear my outstanding, I have no asset and as my salary is my only source of income, the bank is putting my entire salary on hold for the 2nd month now, its would be impossible for me to survive further if they do so, please advise


Asked on 8/26/13, 10:32 pm

1 Answer from Attorneys
Muhammed Rafeeque VLegal

Legally, no one can deduct your salary more than two third. You have to take up this with your employer. still they deduct/hold your salary, approach the Labour department.

Read more
Answered on 8/27/13, 12:12 am


Related Questions & Answers

More Bankruptcy Law questions and answers in India