What are my options if I can’t repay debt?
Sir, I have a huge debt of over ₹2 crore, and I have no assets or money to repay it. The loans are from private lenders who are now threatening to file a case under Section 138 (cheque bounce). I’m under a lot of pressure. What can I do legally?
1 Answer
Only verified advocates can give an answer Sign In
Advocate By LEAD INDIA
Answered: 16 May 2025
You can file for personal insolvency under the Insolvency and Bankruptcy Code if you have no means to repay. Section 138 is applicable only if cheques were issued and bounced. If no cheques were issued, it won’t apply. Consult a lawyer for insolvency filing, it may stop further harassment and protect you legally. For further legal assistance contact us on our helpline number.
Related Questions
24x7 Help
If we fall short of your expectation in any way, let us know
Payment Trust
All refunds come with no questions asked guarantee
