For bank loan
1 week ago
My father is a government employee who took a personal loan from the bank and now after his death the bank is torturing the family to repay the loan. Will we have to repay the loan or not?
A.Dear Client,
According to law of inheritance, you are legally obligated to repay the loan amount taken by your father. It is based on the premise that, if you are entitled to the assets of your father through inheritance, then you will also be required to pay his debts and fulfill the obligations. The law provides that the legal heirs will be liable to pay only such portion of debt amount which is proportional to the assets inherited by them. However, you will not be personally liable to it, unless you are a co-borrower or surety to the loan amount. You can pay the loan amount through the proceeds of your father's estate or the creditors will eventually proceed to claim the amount from the assets of your father. If required, you can consult an advocate for assistance.
Hope it helps.
Thank you.
According to law of inheritance, you are legally obligated to repay the loan amount taken by your father. It is based on the premise that, if you are entitled to the assets of your father through inheritance, then you will also be required to pay his debts and fulfill the obligations. The law provides that the legal heirs will be liable to pay only such portion of debt amount which is proportional to the assets inherited by them. However, you will not be personally liable to it, unless you are a co-borrower or surety to the loan amount. You can pay the loan amount through the proceeds of your father's estate or the creditors will eventually proceed to claim the amount from the assets of your father. If required, you can consult an advocate for assistance.
Hope it helps.
Thank you.
Helpful
Helpful
Share
A.Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Helpful
Helpful
Share
Read Related Answers
Repayment of loans and credit cards
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing wheth...
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location