Legal Question in Bankruptcy in India

I am a 30 year old married man and an ex-bank employee presently working with a BPO in Mumbai.
While working with the bank, I took an employee personal loan of Rs. 4 Lakhs in Jan 2007 and my EMIs were getting deducted from my salary. I resigned in May 2009. & haven't been paying anything since then apart from my PF of Rs.50,000/- which was taken by the bank in nov2009.
Apart from the above loan, I have credit card debts of about Rs.3 Lakhs. I have not been paying this either.
I have no assets & savings. My present salary is Rs.19,000/- per month. I stay in a rented apartment & most of my salary goes in my household expenditure. My savings would be about Rs.5000/- p.m.
With the present scheme of things, I do not think that I'll be able to repay my debts of about Rs.7 Lakhs. I intend to file bankruptcy. Request your help.

Asked on 9/29/10, 2:57 am

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0 attorneys agreed

instead of filing for bankruptcy, you may look out for a better job. filing of bankruptcy is not possible as you working.

Answered on 10/03/10, 10:49 pm

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