Insolvency what are th dangers n disadvantages of filing insolvency petition?? please ans iam in deep trouble

Question

what are the dangers and disadvantages of filing insolvency petition?? please answer iam in deep trouble

Answer 1

As a lawyer I can tell you that it will largely abrogate your civil rights, and as an insolvent you will be denied of rights like right to contracts, to business, to own anything beyond the bare essentials. I am not in the know of why you need to file insolvency.

You better explore alternate means, like covering up your current loans by new mortgages, re-financing etc before you take the step. In case you feel that declaring insolvency is the only means of escaping a liability, do so. But remember, do it as a last resort.

If you send me your situation exactly as it is in a word document to [e-mail], I can study and suggest other legal remedies suited to you. Mention all the places, states and cities where you contacted debts in detail.

I will be happy to help you, if it can avoid filing insolvency.

Let us hope for the best.

Regards

Ravi

Answer 2

there is no danger in it . disadvantage is that u will not be able to do any legal business but u can always carry business in the name of ur spouse.

if u r in deep trouble declare urself insolvent or pauper. i think pauper is the right word, then nobody wil be able to ask their loan back from u neither bank neither any individual.but whatever in ur name will become case property if there are cases pending against u .

whenever you feel like u can declare urself solvent and start business again.

one advantage is that u wil not have to deposit any court  fees if u want to fight any case.

but people will not feel good about you.

its a back door to run from ur wordly worries.

hope it helps.

best rgds

god bless u