See if the loan was taken by you, your father cannot be made liable for them you can file for bankruptcy in the district court under The Provincial Insolvency Act, 1920, you need to present the statement of liabilities and assets and from that court shall adjudge you insolvent. 

Further you can go for loan insurance claim as per there terms and condition as loan protection helps in the critical illness also.

Id the said loans are secured loans then only sarfesi Act is applicable. In your case you can go for bankruptcy. They can't recover it from your father till he has given you any property on record.

See in life of father you have no right over the father's property so bank cannot go against him now. See in bankruptcy you have to apply when you left with nothing to pay. You can apply without default stating you borrowed money from father and brother to pay but now you are not able to pay and you can show that also as liability.

1. Since you have taken loan you have legal obligation to repay the same. If you continue to pay the same the creditor may file both civil and criminal case to recover the it. Your health issue at present or unemployment is no excuse.

2. Talk to them so they may after negotiate restructure your due amount and give you moratorium for easier repayment scheme.

3. If the loan was unsecured one then SARFAESI Act does not have any applicability.

Your father is not liable to pay your debts 

3) you can take legal proceedings to declare yourself an insolvent 

Your father is not liable to pay your debts 

your father property cannot be attached to recover your loans 

Increase your assets or not in proportion to the loans you have and you are unable to pay your loans it is always good to go far bankruptcy instead of depending on the income of other person have payment of EMI which will be a burden on them and create lot of issues forther.

You need to speak to the bank clearly about your financial situation including your health grounds and ask for some time so that you can managed funds and your health together and in case you don't find any affirmative answer then it will be good to go for bankruptcy application

If you're facing serious debt problems, filing for bankruptcy can be a powerful remedy. 

Dear Sir,

You can take some concession in payment of EMI's which is in the description of bankers.  Secondly you may seek waiving of some amount in interest and principal and go for settlement.  Getting insolvency certificate is a lengthy procedure and you may not get it.

Don't worry First of all ask your father to dis-entitle you from all the properties which may come to you by inheritance, then file a case of bankruptcy before the competent court.

If you are not able to repay the bank loan then the bank will shift their focus on the guarantor, it may be your father and his collateral property.

Your bankruptcy  has nothing to do with the recovery process, they may try to attach the properties of your guarantor hence you may have to be careful about that.

No doubt you can file a insolvency petition but remember that the bank will recovery the loan amount by attaching and bringing the properties to auction of your father who stood as guarantor to the loans availed by you hence your IP will not be effective for any reason.

1. As per the information mentioned in the present query, makes it clear that now you are totally unable to pay and your father and brother has been paying the EMIs.
2. Though they have been paying the same, but they can’t be put on paper to pay as in you there until you get them added to the agreement with the bank.
3. If you go for bankruptcy then you might have to face some complication, surely they can’t be held liable to pay for you unless not been added in the agreement.
4. You may be asked for civil imprisonments, but seeing your medical condition you are save till further time.