found this enlightening article at rediff
Considering that in India people get married at a early age and your creditors really extract a pound of flesh for every Paisa you owe them. Married Women’s Property Act (MWP), 1874 is like the best Chapter 11 Bankruptcy law ever designed for Indians.
What amazes is that this Act was created in 1874 when females rarely owned any property and was at the mercy of the male members of the joint family for all her financial needs.
It takes only a couple of minutes to create a trust. I suggest you buy a term insurance scheme scheme and make its beneficiary this trust. Hence in case you die, family gets all the benefit (and no liabilities) else… you lose nothing.