How to File Bankruptcy in Mumbai
- 1). Make a detailed record of all your debts and assets before filing for bankruptcy in Mumbai. The Provincial Insolvency Act 1920 requires that all assets, whatever their value, are disclosed to the bankruptcy court in Mumbai.
- 2). Find a lawyer specializing in personal bankruptcy to prepare your bankruptcy filing and to represent you at bankruptcy court. You are legally obliged to consult with a lawyer before filing for bankruptcy in Mumbai. He must assess your case and determine that bankruptcy is the only solution.
- 3). Decide if you need to file for bankruptcy as an individual or with your partner. It makes a difference following bankruptcy as if you file as an individual, and you have joint debts, your partner will have to take over and be responsible for the debts. They will not form part of your bankruptcy order from the Mumbai court as set out in the Indian Provincial Insolvency Act 1920.
- 4). Get your lawyer to file your petition for bankruptcy at a court in Mumbai. Your debts and all your assets will be taken into account and presented to the court. A court hearing will be arranged.
- 5). Attend the court in Mumbai with your lawyer on the prescribed day. The court will assess your finances and may question you about your financial position. If your debts substantially exceed your assets, in accordance with the law, then the court will declare you bankrupt. You will be appointed an official receiver who will manage your affairs until you are discharged from bankruptcy.
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