Hi i am in bussiness from 4 yeras , but become a debit trap , i want to close it but i have to settel

Question

i started by bussiness four year back with outside money , i tried hard to become a succeful bussiness man but unfortunatly i become a debit trap. i can still become a successful person i have hope but debit is raising , to continue i required more funds which i am unable to arrange if i close i have to settele a huge amount , if i wind up also (assets selling will not solve the debit) to few people i have give capital and interest which i stopped payong from few months , just advised what i have to do. i am totally worried

Answer 1

Sell your business to some one who thinks they can do better, aiming to clear your debts.

Bankruptcy.

Disappear, starting a new, debt free life somewhere far away....

Answer 2

Did you think about filing for bankruptcy? That may be your best option under the circumstances. As much as you don't want to give up, considering the debt you have incurred, you may just have to give this business up and maybe start again down the road. It is obvious, that after 4 yrs of being in business and you are STILL in financial problems, that this business has not been managed well. The only think you can do, is file for bankruptcy, take your losses, finalize all the problems and let the business go. GOOD LUCK