Posted on: 01st Jul, 2009 09:11 am
My friend has business. now days he is is in loss because of recession. he has alratdy taking loan on business.he has not pay payment on his loan from last 6 month.next some month ,he unable to pay a payment. Bank regularly sending notice for this reson.
what are the ways to go out from this problem?
how he can save himself?
Thanks..
what are the ways to go out from this problem?
how he can save himself?
Thanks..
"save himself" - that depends on your definition of saving oneself. there's bankruptcy, sale of the business, finding a new job, finding the money with which to pay back the debt, etc.
if he has not been in contact with the bank holding this loan, then they're not going to be very much open to negotiation.
if he has not been in contact with the bank holding this loan, then they're not going to be very much open to negotiation.
There are various available options depending on your friends status. What you dint mention is the reason why your friend is defaulting. If the EMI is too high for him, he should consider refinancing. And if he wishes to file for bankruptcy, the choice of filing for chapter 7 or 13 again depends on his having a regular income. it would be better if you could provide this detail.
