Legal Question in Credit and Debt Law in India

My father in India has incurred debt to the tune of 55 lakhs. He has no income now. My mother has some inherited property(land) in her name.My parents are trying to pay off at least some of the debt by selling part of her property. One part of that property has been bequeathed to me at the time of my wedding. This is not in my name but it was written that I will inherit it after her death. They have a house in whch they live which is completely in my brothers name which he helped built. The house is not inherited. If my father passes away, will my mother, brother or I be responsible for his debt. Will my brothers house or my mother's property be in jeopardy in that case. Can the creditors go after what property is left. Will transferring my share completely in my name help save that. We want to save some property to give my mother some financial security. Nobody has cosigned the loans that my father took.

Asked on 4/08/13, 5:52 pm

2 Answers from Attorneys

RAJIV GUPTA (Cell: +91 9811284735) lawnrajiv@gmail.com
0 users found helpful
0 attorneys agreed

The debt needs to be pad out of properties jointly owned and not out of the one bequeathed to you.

Log on to my website www.karvai.in for further guidance.

Read more
4/08/13, 11:22 pm
Jayesh Desai Jayesh Desai
0 users found helpful
0 attorneys agreed

Debt was incurred by your father. Your father does not own the property. Your mother has inherited property. Your fathers' creditors cannot have any legal recourse to that asset, as it does not belong to your father, nor the source of ownership by your mother can be related to your father; as she inherited it.

To be more safe, advise your father to declare himself insolvent; then no creditor can legally bother him.

Read more
4/09/13, 5:04 am

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India

Looking for something else?

Get Free Legal Advice

8817 active attorneys ready to answer your legal questions today.

Credit, Debt and Collections Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
David SlaterDavid P. Slater, Esq.Boca Raton, FL
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now