Legal Question in Bankruptcy in India

i am in deep debt trap rather death trap. i have to pay personal loan installments of almost 4 lacs per month. other than that creditors of buisness growing. i kept on making profits in books but in reallity was running in losses just to pay one loan kept on taking another . i have tthree littles kids. life has become hell. no banks belives that i am telling truth. i have issued post dated cheques.for personal loans which are getting bounced. in books there are bogus debtors as well as bogus stock which in fact does not exists. i am really fed up. i wants solution. till today no bank or no creditor has filled case against me. i does not wants to runaway. i just wants that if i am capable of repaying 1.5 lac per month i should be allowed. pls guide


Asked on 3/16/10, 5:48 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

i think you should meet a lawyer and show all papers of loans etc to him and in case the bankers file any suit for recovery or files a complaint for bouncing of cheque etc...your lawyer is able to defend you. these financial institutions fail to understand that a person seeks a loan only when he doesn't have the money and tend to lose the same. i think effective legal representation may take you out of this trap and the lawyer may negotiate with the banks through the judge for paying the instalments that you can afford.

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Answered on 3/17/10, 12:40 am


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