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Can't repay the debts.
4 years ago
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?
A.Dear Sir,
Your father may file application under Section 10 of Insolvency Act.
Thanks.
Your father may file application under Section 10 of Insolvency Act.
Thanks.
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Shreyash Mohta
Responded 4 years ago
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
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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