Legal Question in Bankruptcy in India

you need to file a suit for declaration to declare yourself bankrupt. for that there should not be any assets in your name and your wife's name. the assets that your children are holding should also be their self acquired assets and not given by you. you may hire any competent advocate to initiate the proceedings. it will not take much time.

You may need to file a petition under the Provincial Insolvency Act. Any lawyer dealing with civil cases may handle your case. The initial interim order may take a couple of months but the main suit may take longer depending upon the number of creditors involved.

You have to file Bankruptcy with a lawyer who has past experience as Debtor Applications are sometimes contested and a specialist lawyer will be able to help you tide over such situations.