LCI Learning
Master the Art of Contract Drafting & Corporate Legal Work with Adv Navodit Mehra. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

prasanna   05 June 2015

Liability of a son in law

Hi,

I have been married for 9 years and living with my wife and kids. My father in laws was a trasport agent and he is not doing good with his business. Due to his business commitments and personal commitments he has taken multiple loans from banks and person and he is in huge debts. 

He is undergoing pressure from multiple sources and due to that his Health has taken a toll I have helped him to an extend and he is not transperant on his debts. 

My concern is what will be my liability on debts after him. Can the lenders get hold of me for his debts?



 3 Replies

saravanan s (legal advisor)     05 June 2015

usually when a person dies his debts are settled through the deceased persons estatate whether he had wrote a will or died intestate.the persons relative are not responsible unless they are co owners of the loan

saravanan s (legal advisor)     05 June 2015

even if there is no assets on the name of the deceased to recover the persons loan from it the relatives are not responsible unless the deceased person had gone for a joint debt with the relative

Kumar Doab (FIN)     05 June 2015

If you are not borrower/co-applicant/guarantor you can not be made to pay the debt. The debt can be recovered from estate left by deceased borrower, and/or from successors to the extent of estate inherited. You may show all of the documents and check to what extent you have helped the borrower and thus check your liability.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register