I am retired but has a lot of debts
Old people tend to retire when they are at the age that needs for them to retire. They usually take a vacation, just relax in their places, or even start a business. My grandfather has a lot of debts to his creditors, he used to lend money from legal agencies and companies to support our family. Now that he is retired, he can not pay his debts. What should he do?
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Having debts is not an unusual thing to see. There are two types of insolvency Cash-flow insolvency involves a lack of liquidity to pay debts as they fall due. Balance sheet insolvency involves having negative net assets, where liabilities exceed assets. Once you a passed the insolvency try to improve your credit rating and manage your money.