Deceased fathers private debt
8 months ago
My father had borrowed money from a certain individual in lieu of starting a business over the course of a few years in installments. He passed away recently with debt unpaid and with no business or private/ancestral assets in place which I could inherit. In such a situation do I or my mother have the legal obligation to pay back this debt as we didn't inherit any assets or neither was there any bank savings/ owned assets in my fathers name? What is the legal protection I or my mother can take to prevent any action from the lender?
A.Dear client,
If a parent dies, their debt doesn't necessarily transfer to their surviving spouse or children. The person's estate—the property they owned—is responsible for their remaining debt.
If a parent dies, their debt doesn't necessarily transfer to their surviving spouse or children. The person's estate—the property they owned—is responsible for their remaining debt.
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