Father of two children has huge loan on his head both secured and unsecured. unsecured includes multiple personal loans. Have sold off all the properties owned.
1. What is the way out?
2. Children have just started job , can't repay lakhs of loans! If people force children to pay father's loan (which seems not possible as they have to pay all the expenses of home rent, food etc and won't get any help from family in future) , can they say that they are not responsible to pay debts father owed? Is there any law to protect children from this burden?
If the children have not partaken in any of the assets of their father's property, they are not liable for the debts. The creditors have to collect their amouunts from the Father's estate.
