We are 2 brothers and 5 sisters. When my father died he had $375,000 worth of business debt and $200,000 personal debt. His business value when me and my brother took over was less than $50,000. We were forced to sign an agreement by my brother in law which transferred power of attorney to me but we were responsible for everything we did. We worked very hard for a year and did not take any salary and made it profitable. None of my sisters or their husbands gave a hand or paid for the debts.
Years later my sisters and their husbands came to ask for their share in profits from business. Do we owe them anything when our liabilities were more than assets when we took over the business?