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uday484 · Jul 25, 2012, 03:28 AM

Hi
I'm uday.My age is 24.
From Andhra Pradesh,India
Suggest me my father passed away on 2012 after that many people showing the promissory notesand claimind around 40 lacks.Now they want to put a case me,my brother and my mother.we are not in a position to pay that huge amount.They are saying that my father Done Rice Business and Real Estate,due to loss in that business he barrowed this much amount.Interest has been rose on the amount he borrowed.
What I need to do?
Please guide me.

ScottGem · Jul 25, 2012, 03:32 AM

ANY question on law needs to include your general locale as laws vary by area.

You need to review the probate laws where you live. Your father had creditors who have a claim on his estate. His estate needs to be probated and those claims dealt with from the assets of his estate. YOU are not responsible for those debts, but you can't take anything from the estate until those debts are paid.

uday484 · Jul 25, 2012, 03:45 AM

Originally Posted by ScottGem

ANY question on law needs to include your general locale as laws vary by area.

You need to review the probate laws where you live. Your father had creditors who have a claim on his estate. His estate needs to be probated and those claims dealt with from the assets of his estate. YOU are not responsible for those debts, but you can't take anything from the estate until those debts are paid.

My father had 3.43acres of land and two own houses in Andhra Pradesh , India.He alone earned all those nothing from my ancestors.now they are asking me to sell the land.But all want to buy the land for low cost as my requirement is there.

joypulv · Jul 25, 2012, 04:12 AM

Promissory notes can be faked. They may just want the property.
You need to hire a lawyer if they actually take you to court.
The burden is on them to prove the debts are real.

ScottGem · Jul 25, 2012, 04:21 AM

You have to determine if the debts are valid. If they are, they have to be paid from the assets of the estate. If there are insufficient cash assets, you may have to sell the property. Or you could borrow against the property to pay the debts.

uday484 · Jul 25, 2012, 04:47 AM

Originally Posted by ScottGem

You have to determine if the debts are valid. If they are, they have to be paid from the assets of the estate. If there are insufficient cash assets, you may have to sell the property. Or you could borrow against the property to pay the debts.

They have promissory notes.How to know they are valid or not? My father died with heart attack he never told that he need to pay that huge amount.

joypulv · Jul 25, 2012, 05:08 AM

Either wait for them to prove it in court or get copies and show them to a lawyer.
If you know your father did borrow money but most of the debt is interest, then your lawyer can possibly negotiate a compromise out of court. Usually court costs and legal fees discourage people from going to court if they can settle out of court.
In any event, don't give in to pressure to sell the property at below market prices.
But I would suggest acting sooner rather than later.