Bankruptcy

I bought goods on credit from various Traders for my retail shop since I had no capital to invest. After some years I find that I haven't been able to make full payments and my debts accumulated to about Rs.15 lakhs and my shop is also out of business. I have no stock of goods or money to make these payments. My indirect expenses were so high that my profit margin could not cover them and thus the debts got created. I have no savings or any ancestral wealth and have no property no assets and lately I have no income also. What must I do because my creditors are pressurising me to make their payments and threatens me of legal consequences. Can filing for bankruptcy protect me. I dont intend to reorganize my business because I have no money to do that. Will the court seize my father's property like his car or house or land which is still in his name to discharge my creditors because I have no property or asset of my own as of now. I have been income less for the last 6 months and dependent on my parents who are farmers.