Trivikram 01 April 2017

Parents went bankrupt and victims statd names of me brother

My parents went bankrupt and couldn't repay the amount to creditors mainly due to high interest rates they have charged (like 3 and 5 rupees for month)... So now creditors have filed a fir stating that my mom and dad taken money from them and me and my brother was working like collection agent to collect money from the people and give to parents. But actually I have been studying away from my place(1000 kms away in other state) for four years and working in the same place... So almost from 6 years I AM Away from my home state andhra pradesh ( 4 years graduation in tamilnadu +1 year working in pune+presently working in government bank in tamil naadu)... So officially I was away from my parents... I am the accused 4 in the list..... How can I save my self..... As I am nowhere linked to the creditors.... Please help me

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6 Replies

Dr. Atul [9013898936] (Lawyer, Scholar) 01 April 2017

I really can't figure out this. I mean, if the creditors have a case, they can very well go against bankrupt indivduals and even personal property of the bankrupt individual may be attached to satisfy the claims of creditors. A son cannot be held for the parents' debts unless maybe as a guarantor or subsisting through inheritence.

In any event, you have been allegedly called "collection agent"; even if 'assuming' you were a "collection agent", you are not liable for the debts of the principal. Again, you say you are accused...accused of what? As a co-conspirator or abettor?

Either you have not understood the case ... or else, you think ... well, leave for a moment what you might have thought.

(Guest)

If parents have taken loan and failed to pay, according to our Hindu Dharmashastra, it is foremost duty of sons to repay the debt. Please bear this in mind and dont forget that you are a Hindu.

Trivikram 01 April 2017

Sir actually the creditors are in misconception that my parents would have hidden huge money somewhere... So they are thinking that if they include our name(me and my brother), My parents would disclose it... But actually we don't have anything and ready to sell all properties and give them...

Trivikram 01 April 2017

Kumar Doab (FIN) 01 April 2017

It is felt that similar query from querist with another ID has been discussed.

You are in Govt. Bank employment and your name might have been included in complaint to build pressure.

If you are innocent state facts/evidence and get a clean chit in inquiry/from police.

Local counsels can help you.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 01 April 2017

Ask the creditor if the payments be lowered to better accommodate your loved one's income.
If your parent is a homeowner with low or no mortgage debt, is a reverse mortgage a possibility?
If there is confusion or cognitive impairment involved, take away the credit cards and notify creditors immediately. (This is one reason why we encourage everyone to appoint a financial power of attorney at any age!)
Try writing a letter to the creditor stating that there are no assets available for repayment and requesting "debt forgiveness." (It is possible that the latter may work only after the parent qualifies for Medicaid.)
Contact the Consumer Credit Counseling Service (CCCS) in your area for help with tips on the actual negotiations if you need help.
If there are no assets to settle these debts, bankruptcy can be an option, but be sure to get an attorney to assist you with this process. There are many legal action or legal aid organizations across the country that give low or no cost assistance to those with low income and the elderly.