quesUnable to repay father's debt. Will my property be affected?

My father had took loans from few persons and some banks for business, but we suffered a huge loss,we are not able to repay the loans. I and my mother have started a new business and my mother as some ancestry property ( which is also in litigation between my mother and uncle), if my father files a bankruptcy or insolvency, dose it affect our business and the property?? Please suggest what to do??

  • ansIf your father had borrowed a loan for the purpose of his benefit and to your joint family purpose, then as a Son you are under pious obligations to clear the debt.

    But if your father had borrowed a loan for his personal benefits then you need not pay the debt.

    Further even if he is declared as insolvent by the competent court, then your property/business will not be affected.

  • ansIf your father had borrowed a loan for the purpose of his benefit and to your joint family purpose, then as a Son you are under pious obligations to clear the debt. But if your father had borrowed a loan for his personal benefits then you need not pay the debt. Further even if he is declared as insolvent by the competent court, then your property/business will not be affected.

    Advocate Jagadish N

      Adugodi, Bangalore

  • 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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