Legal Question in Banking Law in India

financial crisis legal help need

Kindly let me know what are the remedies available to me as an individual who had availed Personal loan as well as used gthe credit facility from MNC Banks and had been using it properly for almost 4- years but due to some sudden financial crisis I have lost my money and now I am a BIG ZERO in terms of money and assets,I am staying in a rented place ,having no assets,surviving on my brothers salary,no job,no business,I had no mal intentions to be a defaulter as I use to make all the payments on time before this sudden shock,there has been cases filed against me under different IPC section of criminal and civil procedures.to be true I do not have money to pay or to fiight cases or to ask banks to settle,kindly show me a way to save my self and my family from this legal trauma.Is insolvency or bankruptcy is a way .


Asked on 7/12/08, 10:27 am

2 Answers from Attorneys
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: financial crisis legal help need

Declare yourself as an insolvent and pray for legal aid.

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Answered on 7/15/08, 5:57 am
J. Radhakrishnan independent Practice

Re: financial crisis legal help need

If you don't have assets, go to the Legal Aid Services in your State and seek the appointment of a lawyer to file an insolvency petition and get yourself adjudged as an insolvent.

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Answered on 7/12/08, 10:33 pm


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