Legal Question in Bankruptcy in India

Bankruptcy of Salaried Class

Sir, I have a total unsecurred loan of Rs.32lacs. I am a salaried person with Rs.78,000 take home. But my montly EMI is 160,000 which I am unable to pay, I have not defaulted still. But I think from next month I will not be able to pay and worried about the collection agencies. I have lost Rs.28lacs in stock market trading. Will filling bankruptcy give me a relief, will they attach my complete salary or leave something for living and attach the remaining. Please suggest any alternates if availble. I getting stressed out on this thought


Asked on 3/29/09, 7:11 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Bankruptcy of Salaried Class

The insolvency court may leave sufficient for your living but your employer may not like to continue you in the job as insolvency is a disqualification with most of the employers.

You may first consider selling any asset you may have and reduce your EMI level to managable limits.

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Answered on 3/29/09, 8:59 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Bankruptcy of Salaried Class

Already replied.

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Answered on 4/02/09, 6:45 am


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