Dear sir, 

1. you can write an application seeking for extension or ask the bank to make the credit card loan into installments.

Thank you

You can make application under provisions of insolvency act for being declared insolvent 

in alternative borrow from parents or friends to repay credit card dues as it carries 36 per cent interest 

You can declare yourself an insolvent 

your property if any would vest  in official assignee 

creditors can file claim before official assignee 

If you don't pay your credit card bill, expect to pay late fees, receive increased interest rates and incur damages to your credit score. 

If you continue to miss payments, your card can be frozen, your debt could be sold to a collection agency and the collector of your debt could sue you and have your wages garnished

If you're facing severe debt problems, filing for bankruptcy can be a powerful remedy.

It stops most collection actions, including telephone calls, wage garnishments, and lawsuits (with some exceptions).

It also eliminates many types of debt, including credit card balances, medical bills, personal loans, and more.

Bankruptcy allows people struggling with debt to wipe out certain obligations and get a fresh start.

The two primary bankruptcy types filed—Chapter 7 and Chapter 13 bankruptcy—each offer different benefits and, in some cases, treat debt and property differently, too

Numerous salaried borrowers fell into a debt trap by taking pay-day loan schemes, personal loans from fintech lenders and revolving credit card dues at higher interest rates (between 36 and 48 per cent per annum). Now, if your source of income seem dries up due to fresh lockdown curbs, it may be difficult to service multiple debts. In these situations, a salaried borrower can seek initiation of insolvency and bankruptcy proceedings in respect of outstanding debts in the event of his/ her inability to repay loans when they become due.

you can file for bankruptcy if you are unable to repay debt exceeding Rs 500.

Every insolvency petition has to be presented by a person before the high court or district court as per the jurisdiction under the acts, depending on where the person usually resides/ is engaged in gainful employment. After analysing whether the conditions for filing of bankruptcy have been met, the concerned court may accept or reject the application filed by the debtor.

You have to pay.  However,  you can get time if you ask the bank to go for legal recourse.  Bank will file suit for recovery.  It will take time to get decree from the  court. After court decree bank would go for execution and in execution you can settle the case with bank on simple interest.  You will get sufficient time to come out of it.

Kindly keep watch if any notice is received.

Immediately reply the same with your contentions. If proceeded wisely you can buy ample time.

dear sir,

personal bankruptcy is considered a last resort for people who are caught in the trap of Default Payment although going bankrupt is an effective way to wipe out most or all debt obligations; there are long-lasting consequences which the person who is declared bankrupt has to face in his near future When you’re bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to). At the end of the bankruptcy period, most debts are ‘discharged’ (canceled).

- As per the RBI, the bank should give proper time and offers for the settlement of loan amount.,  on the ground of health and sudden loss due to unforeseen reasons. 

- If , the bank is not agree to give time, then don’t worry and let them to start legal action against you.

- Firstly, the bank will issue demand notice prior to take legal action from the court. you can reply the same after narrating the whole story of business failure.

- Even, if the bank filed a case before the Court, you will have much time to repay the said loan amount and to settle the matter according his present situation.

- Further, if you have not property in your name , then there is nothing for attachment and to recover from you. 

You can contact me for detailed suggestion .