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CParents not telling how much debt is there..
Those loans were taken from outside people ,with higher interest rates
Once.. they revealed debt amount, but later I came to know that still 2x debt is there.
For the previous revealed amount, we already sold house and cleared the debts, now after coming to rent house, they are telling still there is much more debt
Debt collectors are asking me and my brother about money, saying that parents debts should be cleared by children only. But me and my brother are already in EMIs about past loans
Parents are in mood of “Children will clear all the loans slowly”.
I’m getting heart pains and not able to sleep or talk with anyoneWhat to do
Whom to consult
How can I solve this legally
What can I do and what are my rights in this situation
I’m from India
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PYou as children are not liable legally- so adopt a firm stance right from the beginning… Personal loans need to be cleared only by the person availing.
If there is no scope for paying out any further, meet a lawyer and ask your parents to apply for personal insolvency under the Provincial Insolvency Act 1920. Your parents will have to list out all the debts to court and then court will send out notices to these people and after hearing them come to a conclusion. This can take time – but in the interim court may stay any recovery action against your parents.
As regards you – as suggested above- simply say a firm NOT LIABLE for acts of your parents or you can adopt a “Payable when Able” attitude, but no commitment in writing to be given !
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