To declare bankruptcy in India means that a person is not able to repay his loans and debts. The following are some instructions which will guide you on how to declare bankruptcy in India. Put your financial records in order. Indian law requires that you disclose all your assets whether you think they have value or not. This financial record will be used in an Indian court during the bankruptcy case. Next step is to get a lawyer. The lawyer will initiate the bankruptcy proceedings. Any civil lawyer should be able to help you through the process as long as the lawyer is experienced in handling bankruptcy cases. The lawyer will help you to determine how much the whole process will cost you.
Next, File for bankruptcy individually or jointly. In India, single people can file for bankruptcy alone. Married people should determine whether they need to declare bankruptcy alone or if they should include their spouses. File a petition under the Provincial Insolvency Act through your lawyer. Under the Act, you will be filing a suit to declare bankruptcy. You should not have any assets under your name. In case you are married, your spouse should not have any assets under her name. Get a court ruling. The court will decide whether or not you are bankrupt. If you are declared bankrupt, get an interim order. This may take a number of months depending on the number of creditors you owe.