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ZRecently my father came forward saying he has debts of around 30l. Some in the form of personal loans from bank and some from individuals.We are from a lower middle class family and he used to work in a small job and got retired recently.
I myself am struggling to make ends meet with emis etc. Now it’s a huge burden to clear these. My father doesn’t have any property in his name and there is one land in my name that came from my father’s father
Legally, how liable am I to clear these, keeping morality aside. What legal actions me and my father can face in case of default. I’m also thinking if we can just pay the principle as some of the individual loans are of high interest
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RYou are not legally liable for your father’s debt. You will not have any legal action. Your father can face proceedings for recovery of the debt. He may be proceeded against in criminal court under NI Act for bounced cheques or EMI auto debit instructions if any. There are other criminal-law provisions that I will not get into because they are usually not invoked and I can’t state anything definitively.
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ADid you get any ancestral inherited property? then you are liable to repay the amount equal to the value of inherited property
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BI am no lawyer.
You are not liable to pay unsecured loans legally.
Unsecured loans means loan taken without collateral. Like loan apps.If you have given land papers or gold as collateral, you are liable to pay back loans.
I were you, I would sell land and move across state considering you come from lower middle class family and no assets.
Basically start new life. Get new sim, change Aadhar card address using registered agreement to new address
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