After my mom died which she was a single mom my sister was left with the responsibilities of taking care of me and my brother my Dad is alive but he’s a dead beat father, family members 😞 promised to take care of us after my mother passed away but no one showed up to us, God was faithful We learned the hard way and I am now a grown man, I did my highschool which my sister was paying for it I thought after that I was going to go to college and do something but boy oo boy I was wrong situations were tougher than ever. Fast-forward to 2023 on my 21st birthday I decided to take a loan to start a business and it was successful, after six months that was back in August fire broke and my business was gone for good, I was depressed and last month I moved back in with my sister I couldn’t keep up with my bills and everything, I feel like I have failed myself and I am never going to solve my problems 😭 I can’t pay my remaining loan amount I am thinking of killing myself 😞 and just vanish I only have 28 days to complete it I have tried to pay with the small money I am getting but things are not working out as expected
Literally anything besides student loans can be solved by bankruptcy…
Dude, first of all, I might not be able to fully comprehend the situation you are in but no matter how big the loan, in the end it’s only money. Life is more than just that - look at what you have accomplished against all odds! Seek out professional financial advise and I m more than sure that you will come out stronger! Cheer up man!
Other than your current state of mind, things sound like they’re pretty good. I don’t mean that in a dismissive way at all, just offering an outside perspective. You’re way too stressed without a good way to manage it right now, but here are some facts:
- You can declare bankruptcy. It happens. It’s okay.
- You have a proven ability to run a successful business, and when the time is right you can do it again. Most people can’t do that and never will.
- You have accomplished a lot despite struggles you never deserved, and you will therefore probably accomplish more after these struggles pass.
- Your situation sucks right now, but every situation changes.
- The fact that your sister is letting you stay with her right now is great. You can use that as space to recover your peace of mind, and discover your next move.
Good luck, really.
Your situation is literally the reason that bankruptcy is a thing. It was created just for situations like yours.
Like the others say, money is only money. Bankrupcy is a valid option and in not something to be ashamed of. You took out a loan for a buisness and things where going well until a fire! Thats not failure! Thats a freak accident fucking things up for you!! Understandable that this is affecting your mental health but take a step back and realize that you started and ran a business successfully until an accident out of your controll happened. You are 21 and have been put in a bad situation but you have so much left and you will get out of this situation. In the big picture of your life let this be a small dark blip
Check out support in your area please. Internet comments are one thing but actually talking to people is another
Be kind to yourself ❤️
You are more important than your debts. If you don’t pay will you risk going to jail or physical harm from the people you borrowed from? If not, than take a deep breath, know the next little while is going to really suck them a new normal will come & you’ll find your way out of the mess. It might take time but you are young. You could still start all the way over 5 or 6 times before you start getting old. YOU WILL BE OK