How to legally delay paying debt for few years
My father have some debt of 4-5 Lacks of interest based debt, some amount is on compound interest based also. The debt does not have any loan, all has to pay to single individuals in chunks of amount like 1L and so , who are either material suppliers, or distributors or business friends. Some amount is signed on legal paper and other is just mutual.
The problem is the business is almost broken down, with no improvement can be seen , and due the cycle of take money from someone to pay debt of someone else and purchase materials, and so on, I can see that debt is just getting increased. Seeing my father's mental and physical condition, I want my father to stop doing all this and get retired.
I have recently started my career in software, and with my salary we can cover my families monthly expenses, If we don't have to pay those heavy interests. So what I am thinking is If I can "legally" get few years (2-3) to repay the debt, my income will get 2-3 fold in those years and I can repay the debt. Solving all problems of family.
Is that possible to legally get some time to repay the debt?
Additional info : my father have quite a good rappo (of many years) with all the people to whom we have to pay the debt and they know about my fathers health condition also. So I think It would have be possible that my father just talk with them and ask. But my father is concerned about legal consequences thinking that if we try to ask such think and they will think that we are trying to run from the place , not paying any debt and they might charge criminal complain.
Any advise would be very appreciated.
Asked 9 years ago in Civil Law