Will declaring bankruptcy save my current residence
Dear Members ,
My father has taken loans to an extent where we are unable to pay off even one months EMI from various sources (Banks /NBFC/ relatives) which he is unable to pay now.
My concerns are ..
1) Will I be liable to repay his loans from my personal Assets (Salary/Bank A/c/ Properties) All the loans are taken solely by my Dad , I haven't signed in any of the papers /Documents.
2) in case of death of the Parent , will I be called of too pay off his loans , even though I or my other family members were not Even aware about this .
3) please guide what to do incase banks force me to pay off the loans taken by father , I wasn't even aware about it and and not signed in any of the papers
4) Can declaring bankruptcy help in this situation and save my home ? The only other asset is our land in our hometown which i am sure is included if we declared bankruptcy but will the banks also force to sell our house ? If not, what all other assets will they seize and what are all the different options available in case of bankruptcy