Bankruptcy

What are the legal options available for a person whose debts have grown so much? It is practically impossible for him to repay it. He has no assets or jobs to try and repay them. Moreover, he is more than 65 years old and is unable to work due to his age [all the debts were taken for business with was failing badly and his debts kept on dabbling to such an extent it is impossible to pay back] What are his options? Is there any way for him to get out of these debts.