quesCommittee money lost. What consequences if bankruptcy declared?

My father made a committee, due to some reason we suffered huge loss and all the money is lost now. I want to know what would be the consequences if i declare bankruptcy. There is some property in my father's name, how can we save that. What would happen if my father transfers the property in the name of my mother? Does he need to divorce her?

  • ansYour father can transfer the property to you or your mother either through sale deed or through Will.
    In the present circumstances of the above facts, transferring the property through Will is not advisable because the Will becomes operative after the death of the deceased.

    However if he sells the property to your or mother through GPA or Sale deed then you can save your property. But in this circumstances also, your property should be mortgaged with any bank or institution.

     

  • ansYour father can only be declared if you file a petition for declaring insolvent,no other way to declare that you are bankrupt.if there is property in your fathers name he can only sell it to another individual.How you can acquire back cannot be discussed here.Take a personal consultation.

    Advocate Ritesh Isaac

      Bengali Market, Delhi

  • ansYour father can transfer the property to you or your mother either through sale deed or through Will.
    In the present circumstances of the above facts, transferring the property through Will is not advisable because the Will becomes operative after the death of the deceased.
    However if he sells the property to your or mother through GPA or Sale deed then you can save your property. But in this circumstances also, your property should be mortgaged with any bank or institution

    Advocate Sudershani Ray

      Kailash Hills, Delhi

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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