5. Lender’s possession over the concerned assets

If you are not able to make the loan repayments for the car, house for which you have borrowed from bank, in that scenario the lender has a full right to seize your involved asset directly. Also the lender has the right to claim for possessing your other assets filling his loan repayments from you.

6. Bankruptcy

If your financial condition is not improving at all and you are unable to pay theEMIs in any situation then the last option for you is to file for bankruptcy and get free from loan repayment commitments.

In that scenario your assets will be liquidated and present the papers in front of the court regarding your bankrupt situation. It's important to understand what bankruptcy is, and what alternative exists are. Bankruptcy isn't permanent, so you may choose it as a way of clearing your debts and making a fresh start.

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