1) I have come to known of debts taken by my father and not sure of purpose or extent of debt taken. Please help to understand my liability in the future. 2) Me and my brother have gifted a flat to my mother, is she liable to pay my father debt from the gifted property 3) Can creditors attach my or my wife bank balances or properties solely acquired by our salary earnings. 4) We have floated consultancy firm with my father as one of the partner along with my mother and wife, no activities have been carried out as known to me, my wife and mother. Any transactions done by my father unknown to other partners be liable. 5) What should we do legally to protect property gifted to my mother and properties soley acquired out of salary earning by me and my wife
1) your mother is not liable to pay debt from the gifted property
2) your mother , you , your brother are liable to pay father debts only to extent of your inheritance
3) creditors cabnot sttach your or wife bank accounts
4) partners would be liable for acts of your father who was partner of consultancy firm
1. Son is ,liable to pay the debt of father to the limit he receive inheritance from the father.
2. No, mother is not liable to oay father debt from your gifted property.
3. No, you are liable to pay only the inherited amount,
4. yes, work done in name of partners are responsible till they prove contrary.
5. You do not have to anything, court while ordering recovery of debt only attach the inherited property.
1. Legal heirs of a debtor are liable to repay his debts only if they have inherited a property from him or if they stood as guarantors of the loan, not otherwise.
2. Your mother too is not liable for the debts of her husband.
3. The debtors cannot enforce their claim against the property gifted to your mother.
1. If the loan taken by your father was unsecured which means he did not mortgage his property while taking the loan then neither you nor your mother personally or through your properties are liable to pay off the debt.
2. However if this firm was partnership firm and the loan was taken in the name of firm in usual course of business then the firm is liable to pay off the debt.
3. Since your mother is also a partner in the firm so she is also jointly and severally liable for the loan.
4. However if your father took loan in his individual capacity then neither the firm nor the parties are liable for it.
1. All the Legal Heirs /Beneficiaries of the Deceased Father, become liable by legal default, for his outstanding liabilities, BUT PROVIDED the Legal Heirs /Beneficiaries are going to benefit from the residual Assets of the deceased (thru will or inheritance).
2. HOWEVER "IF" the Legal Heirs /Beneficiaries are going to benefit from the residual Assets of the deceased (thru will or inheritance) THEN the Legal Heirs /Beneficiaries shall not be held liable for the deceased's outstanding liabilities.
3. Partnership Firm not being an Individual shall have to be dissolved, to absolve from the liabilities of the Deceased Partner.
4. IF the deceased Father did not have any distributable assets, THEN the residual Legal Heirs can just simply disown the Father's liability, by following due procedure of law.
Keep Smiling .... Hemant Agarwal
Son is liable for debts taken by father, it is called pious obligation. It is necessary to understand when exactly your father took loans, either before he became a partners or after. This will determine if whether the partnership is also liable for such loans taken by your father.
If for any reason it is established that these loans were taken after he became a partner, then the other remaining partners are equally liable to discharge the debts.
In order to protect the properties gifted to your mother, immediately consult an advocate and get an assessment of the liability that you might be liable to discharge.
Let me know whether your father is still partner.
You are not liable to pay the debts taken by your father .
Recovery can be made from his estate which he may leave behind and which you inherit.
Recovery from you can be effected if you stand surety for the repayment of the money borrowed by your father or in case you are a co borrower.
You cannot be made liable to pay from your pocket or personal properties.
1. The debts or loans availed by your father has to be repaid only by him during his lifetime.
After his lifetime, if there are any assets or properties left behind by him may be attached if they are given as collateral security, if the wards or legal heirs are inheriting the properties of the deceased may have to share the liabilities as well.
2. No, that cannot be attached, it is her own property.
3. No.
4. If he is a partner then his assets/shares in the firm shall be accountable for his personal debts.
5. Nothing, they are safe.
when did your father pass away?
if he passed away after coming into force of the Hindu Succession Amendment Act which came into force in 2005, then the son is not liable to repay the debts of his late father
Yes. As per Hindu Succession Act, legal heirs entitle for assets and liabilities of deceased who passed intestate
