When adult children take out loans and don't pay them back, debt collectors and bailiffs often turn to the parents. The same thing happens in the opposite situation: when a parent doesn't pay a credit card or consumer loan, problems may arise for the children.
In this article, we will tell you whether bailiffs can seize the property of parents for the debts of their children and what to do if you are being bothered by representatives of the law.
Can relatives be held liable for someone else's loan?
The short answer is no. Only the borrower is responsible for the loan obligations.
Classic example:
Irina took out a consumer loan without collateral. After some lebanon mobile database time, she had financial difficulties and the payments stopped. At the same time, Irina lives in her own apartment, where she is officially registered. In this case, no one except her can suffer because of the debt that has arisen.
In other situations there may be nuances.
In what cases will you have to answer for your relatives' debts?
In some cases, relatives may be directly or indirectly liable for each other's debts:
They live on the same territory. Bailiffs come to confiscate property that may be jointly owned. Property that does not belong to the debtor may also be described by mistake.
They live separately, but are registered at the same living space. Bailiffs come to the place of registration if they cannot establish the actual place of residence of the debtor. They have legal grounds to believe that the property of the defaulter is located on the territory of registration. In this case, there is also a risk of inventory of someone else's property by mistake.