I'm a new grad TC 150k. Net Worth -3.3million (from my family debt, with 10% interest rate each year) what should I do I'm desperate.
What do you mean family debt? Also, bankrupt and start frsh
I know right, it's stupid, I can't understand why my parents would agreed to this interest rate. and what is fucked up is they borrow the money from friends and relatives, not sure if declaring bankrupt would help
Doesn’t sound like very good friends and relatives
Interested to know how your family ended up there
Box spreads
because my parents are kind of stupid they borrow the money to invest in their restaurant together with a friend of them, and the restaurant has been making negative profit in 4 years and the friend was sneaky af he scamed my parents in the contract making my parents bearing all the loss + the money borrowed. And they are my parents, so I have to help them pay the debt.
150k is low TC? Puh-lease.
Declare bankruptcy. Best way to get outta debt. There's no way you can pay it off of the interest is 10% - it's gonna double every 7 years at that rate. Sell everything you can sell, declare bankruptcy, become debt free, start new life. Read The Art of The Deal about how to declare multiple bankruptcies to become prosperous.
how does declare bankrupt work? if they declare bankrupt they don't have to pay? the fucked up part is they borrow the money from friends and relatives
Money borrowed from friends and relatives is not legal debt. You can just forget / ignore it. And you can declare bankruptcy for the bank loans - find a lawyer. And for any money borrowed from goons - well, you gotta flee the country, there's no other way to escape it.
There is no such thing as family debt You cannot declare bankruptcy if it’s not your debt No one can provide good answers without more data from you.
because my parents are kind of stupid they borrow the money to invest in their restaurant together with a friend of them, and the restaurant has been making negative profit in 4 years and the friend was sneaky af he scamed my parents in the contract making my parents bearing all the loss + the money borrowed. And they are my parents, so I have to help them pay the debt. They borrowed the money from friends and relatives (what kind of friends, fuck).
Congratulations. This means you have 0 debt. Advice your parents to file bankruptcy
Troll
It’s not your personal debt. Tell them to declare bankruptcy
This