How can a person legally declare himself insolvent in India?
How can a person legally declare himself insolvent in India?
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Advocate By LEAD INDIA
Answered: 18 Oct 2025
If someone cannot repay debts due to genuine financial hardship, they can apply for insolvency under the Provincial Insolvency Act, 1920 or Presidency Towns Insolvency Act, 1909. The person must file a petition in the District Court with full details of income, debts, and assets. Once accepted, recovery actions by creditors stop, and the court supervises debt settlement legally. For further legal assistance contact us our helpline number.
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