Unable to repay father's debt. Will my property be affected?

My father had took loans from few persons and some banks for business, but we suffered a huge loss,we are not able to repay the loans. I and my mother have started a new business and my mother as some ancestry property ( which is also in litigation between my mother and uncle), if my father files a bankruptcy or insolvency, dose it affect our business and the property?? Please suggest what to do??