Will I be liable for fathers debts
11-Aug-2023 (In Banking / Finance Law)
I have found out My father has personal loans through banks and Relatives to extent of 25Lacs and above. All loans are on his sole name and I'm no coapplicant/Guarantor. What i want to know is that will I be liable for fathers debts ,can creditors attach my salary /Bank account's/ assets even though I'm not a party to the loan . Please guide me what should I do .Should i really worry.
Regards
Raj Katara
Hi Raj, you are not liable for your father's debts unless you are a co-applicant or a guarantor. The Bank does have a right to recover your father's loans from your father's estate i.e. properties and accounts that are his self acquired properties. If you have transferred your father's assets in your name based on inheritance and succession, the banks are entitled to attach such assets.
This answer is based on the queries raised and is not a legal advice. The legal advice or course of action may differ based on the documents or evidence available.
This answer is based on the queries raised and is not a legal advice. The legal advice or course of action may differ based on the documents or evidence available.
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.
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