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father's debt transferring to wife or children


If a man owes people money, due to borrowing in business, are the wife or children liable to his debt ? Do note that the wife and children are not aware of these borrowings until much later, and have not co-signed anything

 
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Originally posted by : Sandeep
If a man owes people money, due to borrowing in business, are the wife or children liable to his debt ? Do note that the wife and children are not aware of these borrowings until much later, and have not co-signed anything

 

No......A BIG NO...

If family were not co-signed anything then NO libale issue arise.But there are some loop too---

  1. Credit card bill may be liable in specific situation.
  2. If company co-owned by Son/Wife and money used for company.
  3. If loan related to joint property.

So be carefull and study the type of loan he aquire,and go through local Lawyers who deals with banking/financial cases more.


Total likes : 1 times

 
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Dear Sandeep,

Liability of wife and son for husband's due is all depend on how you contest the case. If you prove that wife and son is not having any connection with the earning and business of husband then you may succeed.

Regards,

 

 
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LEGAL

If there are agreements,DP Notes,cheques, or instruments that is executed while borrowing then the brrowed amount shall be recoverd from the property of the deceased

If there is no written instrument then only moral obligation upon u to pay

 
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Advocate

Actually this depends on case to case basis, therefore no direct answer can be given!

 
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