HG 05 April 2021
I have some business debt on me.......
1st doubt...is my wife liable to pay the debt of mine....she runs here own business
2nd doubt.....my mother have some property on her name. if she transfers my share of property to my wife name, then my wife is liable to pay the debt of mine?
note: my wife and my mother has not been guarantor in any of my debt in written ways.
SHIRISH PAWAR, 7738990900 (Advocate) 05 April 2021
Hello,
If you default in payment of any loans, the banks will recover it from the guarantor. So in your case, your mother and wife is not guarantor so they are not liable to pay your debt. Your wife will not be liable to repay the loans in any case and even if your transfer mother's property to her name.
Sankaranarayanan (Advocate) 08 April 2021
your wife is not liable for your business loan .
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