Can me and my family take separation from our father

Dear sir, im from delhi we have a nuclear family my mother,father,elder sisiter and myself,there is a residential property jointly registered by name of my father and mother,my father do nothing but taking only loans from people and banks which is being paid by my mother earlier and now by my sister which is 33 and still unmarried because of my father ,i want to ask weather we can take seperation from him(FATHER) and get our respective share as to what proportion because we are suffocated now and he threathens us to give the money or he will commit suicide and wil leave a sucide note against all of us or to sell the property which if we do he will destroy the money please advice we are very disturbed. Thank you