Hi, My Father is in Severe Debt and Even after trying hard, its very difficult for him at this age to pay his Loans. My Grandparents passed a few years back. The hospital charges incurred during that time (around year 2008-2009) were above 5 lakhs. My dad took a few loans from people but now those people harass my father to pay the money..and my father is just a driver. Our family is in a lot of pressure and tension. I searched about Bankruptcy but don't know if thats the best option. I just got a job and my salary is quite less to Pay for my dads loan. Also the loans were taken without me and my mother knowing about them. My father, without our knowledge registered a small land in our native on his name which was actually purchased by my mother's hard earned money. We have proof that the money for the land was paid by my mother. My father did this out of tension so that he could use my mothers money to pay the debts but that will leave me and my mother in trouble. My father has agreed to give the property on my mothers name. After doing so if my father declares bankruptcy the government might consider the property as his own. Please help. I can't see my father in so much tension and problems.
Please note: We are a family in below poverty line. The land in native is very small and was purchased for maybe a lakh by my mother who saved that money for years.