Legal Question in Credit and Debt Law in India

I am having business firm.I had taken mortgage loan from bank as CC value against my house. The house is on name of my wife . Due to business loss , I had paid 30% of cc value to the bank and now I have no money left. There are some creditors and personal loans on me whom I cant pay further. condition is like even If house gets sold the creditors will remain unpaid. Please provide possible resolution and also suggest if there is any way to save my house as it is on my wife's name.


Asked on 10/15/14, 1:14 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

18.10.2014

Dear Sir / Madam,

I suggest you engage the services of a Chartered Accountant to advise you on reorganizing and restructuring and reviving your business. Simultaneously, rigorously follow up with your bank to restructure your Cash Credit arrangement so that you are in a position to reduce this liability in due course of time. We are also ready to take up your case, should you so desire.

Regards,

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Answered on 10/17/14, 7:51 pm


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