[User_04155d64]

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User_04155d64
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January 22, 2025 at 10:16 am

Hi. Are you sure that the Banks have given him 40L loan without any collateral? How is it possible that he took another 60L debts from others? How old is the debt? Is this just principal or is interest included too? What is the application of this funds – into investments, repaying other loans, expenses etc? So first put the exact numbers on paper and then go for a professional advice. Talk to your parents and ask his plan. You need to stop worrying about this and concentrate on your studies. Else you will be adding fuel to fire.
I am not a lawyer. But there are ways to get out of trouble and you need not worry about this.
People have already gave good advices here.
Yes, you need to talk to a lawyer. Also talk to a chartered accountant. Make your own enquiries and meet the right people.
You will come out of this with minimum loss. All the best.
Edit : You said your father ‘was’ a government employee. Did he retire early? Where did the PF, Gratuity, leave encashment go? If he is retired, Did he notify the banks as bank usually add a clause in the loan agreement to notify them of the financial structure changes, changes in job, location, income levels etc.
Also do you have access to his CIBIL report?

Somehow I am feeling that your father is trying to scare you or teach you a lesson. Something is definitely missing in your post. Don’t take it otherwise, but please think with all your senses together. Did something go wrong in the past year or so?

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