Legal Question in Civil Rights Law in India

Credit Card Default

I have defaulted on eleven credit cards. I am actually having no money to repay them. What should i do to help myself. What are the legal implications of the same? What can the card companies in extreme cases do if i cannot pay?


Asked on 4/03/09, 10:46 pm

2 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Credit Card Default

HELLO.

GOOD AFTERNOON!

I would advise you to file a insolvency petition. You may take it just as a chance as in your case the Court would be least positive.

As far the companies can take action filing a recovery suit which attaches your property.

In case of need please contact personally alongwith the details.

OR

In case of further query mail me.

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Answered on 4/04/09, 2:24 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Credit Card Default

The Card companies may secure recovery decree against you, seek attachment of your assets, if any, and if the money cannot be recovered by sale of your assets, they may seek your civil imprisonment. The court may send you to jail for forty days on each count.

Before your creditors run after you for recovery, you may file an insolvency petition in the local court disclosing all your loans and assets. You may want to engage a local lawyer for the purpose.

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Answered on 4/04/09, 7:35 am


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