my parents borrowed money from the bank when they were still starting our export business before it was good but now that china had cheaper products, sales WENT DOWN and the bank wants us to pay urgently. what should we do? my 3 siblings are still studying in a very high-standard school with avery big amt. of tuition fee. what will you do if you were in my place?
2006-11-30 13:23:49 · 8 answers · asked by Malou Q 1 in Business & Finance ➔ Personal Finance
Sell the export business, and cut your losses. Take the money from the sale, and pay off your business, and start another.
2006-11-30 13:26:07 · answer #1 · answered by EternalBlueMemory 4 · 0⤊ 0⤋
Tell your parents to have some personal responsibility and pay what they owe. That is what they promised to do when the bank gave them the money isn't it? If the kids have to drop out of school, oh well. The way I was raised, you pay your debts, of course that isn't very popular today. Blame all your problems on someone else and don't take responsibility for anything.
2006-11-30 13:28:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The banks are a greedy lot. Hold them off, pay them slowly. Just get them to accept some payments. Not the payments you are obliged to pay, but make an effort to pay something. Reduce your costs and even lower your prices and liquidate.
2006-11-30 13:31:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Bankrupt
2006-11-30 13:25:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
hi
2006-11-30 18:00:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
find something to do, other than sit on yahoo asking a question, with a answer that you already know
2006-11-30 13:25:57 · answer #6 · answered by G. M. 6 · 0⤊ 1⤋
We all are.....its call globalization.
2006-11-30 13:25:54 · answer #7 · answered by Diamond in the Rough 6 · 0⤊ 1⤋
mow lawns like HELL!
2006-11-30 14:02:28 · answer #8 · answered by jakesokool 2 · 0⤊ 0⤋