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??

  • ans

    If 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

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