How to settle personal loans

The title of your post is 'personal loan'. But I do not see the phrase in the narration. From whom did your wife take the loan? One uses the word 'personal loan' when the loan is taken from an individual and mostly when it is unsecured. From whom did your wife take the loan, from a friend or acquaintance, from a professional money lender or from a bank or other such institution? For what purpose was the loan taken? What is the interest rate? Is it a secured or unsecured loan?

If a solution is available it will depend on answer to the above questions. Answers on loans taken by you will also be necessary.

Thanks for your response please find the details below.

There would be agreements executed with each of the parties. The agreements would say what action the creditors can take against you in the event of default. If your creditors are legally in the business of advancing loans there is not much that you can do. You may approach the creditors individually and plead with them for forbearance and try to come to some arrangement under which your repayments can be deferred.