656+ Lawyers are online 
If we are declared bankrupt can we avoid our loans
29-Jan-2023 (In Recovery Law)
My Father is in Severe Debt and has tried hard, yet difficult for him to pay his Loans. he took a loan to pay for the hospital charges for my grandparents.My dad took a few loans and has paid few of them.He registered a small land in our native on his name using my mother's hard earned money.My father did this out of tension so that he could use my mothers money to pay the debts.My father now has transferred the property on moms name. if he declares bankruptcy, government might take that land in native. Please help. we are a very poor family but need some assistance. thank you
To avoid this, your father and mother will be required to prove that, the land was purchased by using your mother's hard earned money and the transaction was not fraudulent.
However, if your father has mortgaged the said land with any creditor (before transfer of the land to your mother), with consent of your mother, your mother can not avoid the consequences.
If none of the creditors raises the objection, your mother's land will be automatically saved.
22+
Adv. Unmesh Gopal Dindore
Pune | 100+ Answers
CONTACT NOW
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
