Can I file for bankruptcy under UAE law?

Can I file for bankruptcy under UAE law?

Typically, credit card loans carry a higher rate of interest compared to conventional borrowings, and interest is charged monthly which results in higher repayments. As would have been the case, you are under extreme stress considering that you have excessively leveraged your salary, to the extent of 25 times your salary, using a credit card. Even during these times, we assume that you are settling part of the overdue amount at periodic intervals.

This is the most precarious situation and requires immediate attention. The provisions of UAE Insolvency Law may provide you with some relief. You need to approach a lawyer in UAE to file an insolvency application with the court listing out your debts against credit cards (including interest and late payment charges due), their maturity dates also highlighting the amount under default (due and overdue, but not paid), assets held locally and overseas, your requirements for day-to-day living expenses and repayment plan to settle the outstanding dues. The court may decide to accept your application and accordingly nominate an expert to pursue these proceedings further.

Needless to state that you will have to pay the court fees and expenses to be incurred in the settlement of these proceedings. For future