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Q. Can't repay the debts.

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Jaeya Mrs

posted 3 months ago

Q.Can't repay the debts.
My father is having 35 lakhs of debt. We don't have any asset or amount to repay the amount. My father is having 5 children. Will his debt affect us? Are we going to be responsible for his debt? Is there any solution for this?

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 3 months ago

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A. ) Dear Sir,
Your father may file application under Section 10 of Insolvency Act.

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Jaeya Mrs

Replied 3 months ago

Sir. What will happen when my father files a section 10 of insolvency act? Will it affect my brother and sisters life? Will it affect my brother's income and assets?

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Shreyash Mohta

Experience: 1 Year(s)

Responded 3 months ago

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A. ) It depends on the nature of the debt and whether it is secured or unsecured.
However, if you cannot repay the debt you can always file a insolvency suit and declare yourself to be insolvent.
Thanks

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Jaeya Mrs

Replied 3 months ago

Sir if my father is filing a insolvency suit. What will happen? I don't briefly know about the insolvency suit? Will it affect my brother sister's life?

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Jaeya Mrs

Replied 3 months ago

If I'm filing under section 10 of insolvency act. We don't have any assets to repay. We don't have the money as well. What will happen when we file under section 10 of insolvency act? Will it affect my brother's and sisters income? Will it affect my brother and sisters family asset?

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Shreyash Mohta

Experience: 1 Year(s)

Replied 3 months ago

Filing of section 10 is the perfect way to go about.
Thanks

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