Only when the loan applicant (the applicant or the applicant company) has financial problems and is insolvent can it go bankrupt (at least not at home, and some foreign countries can apply for personal bankruptcy).

If the loan is not paid, the items you usually use as collateral will be auctioned off to pay off the debt. If the collateral is insufficient for the loan, 1. If it is an individual, it will be required to bear the remaining debts. 2. If it is a company and the company declares bankruptcy, you can't claim debts from shareholders (investors, that is, shareholders), unless you borrow money in the name of an individual instead of the company, then this loan in the name of an individual is the same as the first one.

For example, a man whose father borrowed money died unexpectedly before he paid it back. Then if the family inherits the inheritance, they also inherit the lender's debt. If there is too much debt, his family can give up the inheritance and not have to bear the debt. Without inheritance, banks can't ask for money from their families because they owe money.

I don't know your situation. I have told you everything I know. If I can't repay the loan, I'll deal with the collateral first. If there is a guarantor, the guarantor shall bear the obligation to repay the loan (when the parties are unable to repay it). Banks should never ask your parents for money unless you have the money to transfer assets in order to escape debts. As long as the bank has evidence, it can apply for enforcement.