My friend has taken out loan for his brother in law, and is a guaranteer for two other loans taken on his friend's name. Now he is not paying his EMI, and debt collectors are troubling us. Is there any way through this?
"Is there any way through this?" Yes, but you're not going to like it. If your friend has guaranteed the loans, then it's your friend's obligation to pay them when the brother-in-law is not cooperating. That's what it means to guarantee a loan.
(Obligatory: "Before lending your friends or family money, ask yourself which you need more.")