Legal Question in Banking Law in India
dear sir,
when i was working in dubai i took a loan, still i have outstandings 110000 dhs from one bank and 150000 dhs form other bank and 40000 dhs from credit cards.. unfortunately i also lost the job.. me and my friend invested in real estate in dubai.. over night our dream crashed.. my friend committed suicide in dubai last ramadan because of debt collection agents harassment and fear.. all my friends and boss suggest me to leave dubai asap.. i left.. now i have a small job with lowest income.. i am scared of debt recovery agents.. i don't have any property and debts on my name in india..
i don't know what to do.. i cannot commit suicide.. i am not in a situation to pay back.. they will put me in jail in india or they will take me back to dubai and put me in dubai jail till i clear my debt (like 5-6 years).. or through out my life the debt collector will hunt me..? is there freedom or its like life sentence..?
and am also scared they will harass my old age parents.. the debt collection agency can take my parents property (one small house)..?
i have to run through out my life to hide myself.. or can i face the consequences? some people are telling debt collector cant do anything so no need to worry and don't fear for them, some people are telling they will take me back to dubai so run to some other state and hide urself.. please give me hope.. dont know what to do..
1 Answer from Attorneys
You may file an insolvency petition for bankruptcy in India.
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