Legal Question in Bankruptcy in India

I have no money to pay my Debts. Mainly CreditCard Bills

I am working in a govt orgn. I have four credit cards of different banks. I have obtained loans from 2 banks also.

The total amount is coming to nearly Rs.1.5 laksh.

Now due to various loans I availed in my office, my net salary is reduced to less than 3000. I am not able to pay my monthly bills which is coming to around 12000.

Is there any legal way to get my loans waived.


Asked on 12/19/02, 8:19 am

1 Answer from Attorneys
Tony Verghese Tony Verghese

Re: I have no money to pay my Debts. Mainly CreditCard Bills

I am very sorry to tell you that you have invited problems for yourself. However, the only way to waive your loan, is to prove that you are an Insolvent, which may not be possible in your case, the fact that you are still employed.

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Answered on 12/19/02, 11:31 am


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