Legal Question in Credit and Debt Law in India

Sir/Madam

I took personal loans in Jan 2013 and paid emis till april 2015.now I am unable to pay the loan as I lost my job and living in foreign country.what will be the legal consequences? If bank files cheque bounce case,my passport will be seized?

I have huge debts around 20lacks and cannot repay now.can I file bankruptcy?I don\'t have any properties.

Due to cheque bounces and bankruptcy. Any issues on my foreign travel?


Asked on 5/26/15, 10:42 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.05,2015

Dear Sir / Madam,

Since you are overseas, your Passport cannot be seized by the Bank and there will not be an issues or problems in your foreign travel. If you return back to India on a visit, there is a possibility that you may be prevented from leaving the country on account of being a loan defaulter. You should consult a local lawyer in India whether it is advisable for you to file a bankruptcy claim.

Regards,

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Answered on 5/27/15, 3:40 am


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