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There is something you can do. But this can only help you if it is done before the Bankruptcy is filed. Once the Bankrutpcy is filed, there will be little - if anything - you will be able to do to get some of the money your friends owe.
You would have to sue them now, get a judgment, and attach the judgment to any property they currently own. If attached to "non-exempt" property, that attachment, which works similarly to a mortgage, can survive the Bankrutpcy. Unfortunately, if your friends have no property to attach, there is really nothing you can do to get what is owed to you if your friends file a Bankruptcy.
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Will the bank be able to recover any of the money due or will they just ask us to pay it. What kind of property is non-exempt? How do I know what to attach the judgment to?
If you sue them, you can request "discovery" concerning their assets. This can be an oral deposition or a written interrogatory, which they can be ordered to answer under oath.