Legal Question in Civil Rights Law in India
Insolvency
I have a credit cards and personal loan which are unsecured loans to the tune of rs 8 lac.
i hold no property in my name excecpt my business which is in a rented shop. If i sell it the maxmimum i can shell out is rs 50000 can i be declared insolvent without touching my parents property.
Kindly let me know how can i get out of this trap. max to max there are more one month after which i will have to make a defult as i wont be able to manage the money.
Asked on 5/07/09, 3:10 am
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Insolvency
You may consider filing for bankruptcy.
Answered on 5/07/09, 7:48 am
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