We read and hear about families getting into Financial Distress and some of them taking extreme step of ending their lives. Suicide by farmers happen in thousands every year. There are many examples in urban India as well.
What can we do to help such persons and families?
1. Introduce personal bankruptcy legislation.
In many countries, there is provision that an individual can also be declared as bankrupt. This provision should be brought in India also. Many will argue that this will lead to financial profligacy.
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