12 lakh debt with private bank & credit card?

Question

I'm 29 and into 12 lakh debt with 4 personal loans with private banks & 6 credit cards and now i don't have any source of income and collection executives keeps on troubling me....... what to do? Can i get bankrupted certificate? If so how? If i'm get a bankrupted certificates what all the causes i would face? I have the plans to fly abroad will it affect me in clearing VISA? Plz help

Answer 1

First you say how will you fly abroad, after getting bankruoted certificate. It means you have no source of any kind of income as well as any property. Spouse you plan to fly abroad it means you are suppressing something and you are not wishing to clear your debt !!! Certainly it will affect in clearing VISA. My friend better to clear the debt and live freely in your own country.

Answer 2

So, what is your problem? Do you want to get a way to clear your payment? Or do you want a way to escape that payment?

I think, in any case, you need to generate a source of income at the first place. Try getting a job. I agree that it is difficult, but not impossible also.

Second, if you really want to clear your dues, you can consult some financial adviser. But he will also advise you only if you have some source of income. He will help you prepare a debt repayment schedule. I think, Disha Financial Consultancy can help you out with this. It is a subsidiary of ICICI Bank.

And in case you are lucky enough to get a chance to flee somewhere, find some source of income; and don't generate such debt again.