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UYou are nowhere related to the debt so you don’t repay a penny for it… However if your father goes under solvency proceedings, all his assets will cease and the official liquidator will settle the accounts…
That means if the house you live in is owned by your father, it is going down if your father doesn’t pay the loans back… So it will bring trouble…
If I tell you my story, my father is a gambling addict and we don’t even know how much he has taken from his personal contacts (I’m pretty sure it’s more than 1cr from his personal contacts alone) and he has also taken aprox 10-15lakhs from Banks and other institutions (formal sector)… Even after repeated warning he didn’t listen and now he got nothing in his hand and he also sold his house for gambling (casinos literally mess your brain up)… The thing is you won’t inherited a single penny from him… So start working hard for yourself because now you have to build your own net worth… And I suggest please exclude your father from discussing your personal finances…
