Legal Question in Civil Rights Law in India

lost loan amt on share market...what can do

I having bank personal loan rs.7.52 lacs and c.c. rs.2 lacs. but due to some financial crisis ON share market i lost all my money on shares and FUTURE AND OPTION MARKET. on my investment.

right not i lost all amount.

SO, how can i will be resolve my problem and expline to banks.

right now i also lost of my job on working 1 partnership firm. on my salary rs.5000/-. right now i m searching new jobs. but bank collection officer, so much presorr and inform to paid all due. whicherver u will do......

i am thinking sucid but some time think on my family and not done.

give me solution.


Asked on 10/12/08, 2:38 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: lost loan amt on share market...what can do

You may consider filing "insolvency" before local court; If you are is declared insolvent, the banks or other creditors cannot bother you; However, you will need to disclose your income for next 12 years and court will decide what portion of your income should be allocated towards payment of your debts.

Read more
Answered on 10/12/08, 11:16 am
Nasir Butt Nasir Law Associates

Re: lost loan amt on share market...what can do

Don't be disappointed. Don't think about suicide. It is unethical Insolvency Proceedings may resolve your matter. It will be upto court to decide the matter concerning to your creditors.

Read more
Answered on 11/02/08, 1:50 pm


Related Questions & Answers

More Civil Rights Law questions and answers in India