Legal Question in Bankruptcy in India
credit card payment and personal loans
i am in a big debt and not at all in a position to pay or settle the outstanding dues to banks.plz tell me the implications of declaring insolvency or banruptcy and how much time will it take.
2 Answers from Attorneys
Re: credit card payment and personal loans
The filing of insolvency petition may not take much time. The implications are : the insolvent may not have any asset in his name for 12 years; and his income, if any, is apportioned by the court towards debt payment, of course after permitting him to retain sufficient amount for his living.
Re: credit card payment and personal loans
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