Is bankruptcy possible on 1.3 lakh rupee loan?
Sir, I am 22 years old and have no assets in my name. I have loans worth ₹1,30,000 from multiple apps. I am currently unemployed and unable to repay the loan. Should I file for bankruptcy? How much does it cost to file for bankruptcy? Please guide me, sir.
Bankruptcy is a big legal step and generally not advised for small amounts like ₹1.3 lakh. First, try settling with lenders or take help from a debt relief NGO or legal aid service. Bankruptcy costs can go up to ₹30,000+ and involve court proceedings. You may also explore Insolvency Resolution for Individuals under IBC. For further legal assistance contact us on our helpline number.
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