Legal Question in Bankruptcy in India

Re: How to file Bankruptcy in India

Dear Sir,

It is highly surprising that you contemplate to file bankruptcy proceedings in India only for Rs.1 lac of debt. If you have residential accommodation of your own wherein you and your family reside, no one is going to take that away from you. Besides this, no one is going to take away your clothing, family jewellery and the means to provide you minimum support. If you have more than this, then only your creditor will have its claim on it. Whenever there is recovery proceedings against you, then you submit your affidavit detailing therein that besides minimum requirement to survive, you have nothing and in that case, after recording your statement and verifying the details of the affidavit, the recovery proceedings will come to a hault. In the circumstances, our firm will not advise you to even think of initiating bankruptcy proceedings which will have a far reaching effect on you and your successors as well.