Legal Question in Credit and Debt Law in India
Credit cards and personal loans
Dear Sir, / madam,
I have a small mfg. unit linked with auto industry. Due to recession there is almost no order in hand and i have taken personal loans from various banks and finding hard to repay the same.
I kindly request you to advise me to whom should i get in touch regarding this finanace queries.
Hope you do the needful and oblige
3 Answers from Attorneys
Re: Credit cards and personal loans
You are at the right forum and we may try to help you out.
You may evaluate the value of all of your assets and compare with your liabilities.
If value of your assets is more than your liabilities, you may start disposing of your assets and pay-off your liabilities one-by-one.
If value of your assets is less than your liabilities, you may consider filing an insolvency petition leaving the court to determine what to pay whom.
Re: Credit cards and personal loans
Sir,
You may kindly dispose off the unwanted or outdated assets in the factory which may not be required for your production in near future and try to make the one time settlement on negotiation with the Financier/ Bank where from you have availed loan. If your assets are less then your liablities then you may opt for the insolvency petition.
With Regards,
E.VENKATESH BABU
ADVOCATE, CHENNAI.
Re: Credit cards and personal loans
In case your liabilities are more than your assets, you can file an application to declare you as insolvent.
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