Legal Question in Credit and Debt Law in India

My Dad owes a lot of money in the market. The money was borrowed at high interest rates from private money lenders, however, he is not in a postion to repay. He has no assets. What actions- both legal and illegal, can his creditors take against him, when they come to know that he has filed for bankruptcy...?


Asked on 10/28/11, 6:16 am

2 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Legal action depends on nature of loan.

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Answered on 10/31/11, 12:52 am
Jayesh Desai Jayesh Desai

Legal actions can be for recovery and insolvency. Illegal actions no one can predict. One a person is officially declared bankrupt no body can take any steps legally without going through official assignee.

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Answered on 11/01/11, 3:31 am


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