Finance
Not able to pay debt

Sir,

I want to know is it possible in India to declare bankrupcy? As of now there are so many job cuts and recesion, even if employed the salary is not paid properly or under paid or cut in salary due all this finance problem as arised which made the person not able to pay is due to banks or moneylender properly. So I just want to know is there any way out for this kind of people instead of getting onself killed it is better to live and declare that he is not able to pay any dues and can be free of mind and heart.

please reply