Bankruptcy Is Awesome
I have to repay a loan of US$1 million to the bank. How can I repay this amount?
Bankruptcy is not my option.
I have zero cash right now due to business failure and what’s the best alternatives to repay this awesome loan?
Repayment period has yet decided with the bank.
Any advisements will be helpful and appreciated.
I’m not sure why bankruptcy isn’t an option for you. If you have no ability to pay a loan, I truly don’t see where you have too many options. It’s not like someone else is going to lend you the money to pay back your bank loan.
Anyway, at this point, you’ll need to start liquidating any assets that you have. If there are any salable assets left in your business, sell them and put the money aside until you get the repayment schedule from your bank. Also, you need to go get a job ASAP. Once you establish that you have some sort of income stream, the bank will be better able to set up terms with you.
Good luck!
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