Last updated: 

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?

User comments

  • user image

    No Name

    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.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

How should I name my company?

What are the different types private companies?

Should I be using a time tracking software?

What are the benefits in starting a business in Singapore?

I want to start a business in Singapore as it is regarded as the best. How would starting a business in Singapore benefit my business? What are the reasons to why I should start a business in Singapore? How much of a boost will my business get if I start my business in Singapore and what are there risks to this?

How to set-up a mobile office?

Is it possible to run a small business using my SmartPhone?