Debt Has Anyone Ever Gone Bankrupt After Taking Loans?

Good-Guy

VIP Contributor
Bankruptcy is a kind of condition when you take loans for commerical or personal activities and you fail to pay back your loans. This is a kind of situation which is very common. Anyone can go bankrupt at any time and any person or company can go bankrupt at anytime. During the pandemic, we have witnessed a lots of people going bankrupt. I believe that the situation of going bankrupt worsens when you take loans. This is because taking loans only increases your debt. There are many people who take loans and in order to avoid bankruptcy, they take additional loans to pay off their previous debts. It is quite possible that a person or an organization can simply go bankrupt if they take loans for improving business and end up losing everything and in this situation people usually go bankrupt AFTER they take loans. have you ever experienced this thing?
 

btaliat

VIP Contributor
Loan should not be taken without putting some factors into consideration. There should be some assets that are capable of recuperating the loss in case of any in casity. Besides, loans should be obtained if it is to be engaged in productive activites only. This will enhance quick and easy payment of the loan
 

Alexandoy

VIP Contributor
When my business was sagging with its finances a friend advised me to get a bank loan. I could easily get one probably because I used to work with a commercial bank. However, my wife said that if I get a loan and my business continued to fall down I would close the business and be left with a loan to pay. That was wisdom from my wife that I did not oppose.
 

MOSIUR

Active member
You have mentioned a very heart-touching topic. During this pandemic, many people take loans from banks or money lender or any rich person. But, because of this critical situation, many of them have failed to repay the taken loans. As a result, many pressures from respective sides have been coming to them. Due to inability, some are living a very inhuman life.
 

Abigael

Valued Contributor
While in campus, I used to take loans alot to satisfy my desires and luxuries. That would make me stay broke most of the time. My financial health was really bad and that also affected my mental health. But then I learnt that it is best to stay off loans, especially for luxury needs. Since then, I have really improved on how I spend my money.
 

Jasmine

VIP Contributor
If you do not use your loan for profitable business, you will surely go bankrupt. The prime idea behind getting a loan is to get funds to invest in profit making businesses or programs. Those who don't invest and use loan as free money will surely go bankrupt. I have see a lot of people gone bankrupt.
 

Bookwormlux

Valued Contributor
Anyone who knows me in person would agree with the fact that, I am someone who does not ever support the idea of taking loans at all either for personal purposes or using it for a business because I know that they are never reliable, since I observe from the people around me how they get treated by most of this money lending companies out there.


I remember seeing how someone was crying out about how he is already addicted to this company's and he wasn't even making use of the money for something meaningful, but only making sure that he was living some kind of lavish lifestyle that he ordinarily wouldn't afford to living.

At the time she posted the information, he was already owing them more than $1000 and this is so much money when you convert it to our local currency here in Nigeria.

Experiences like this are why I never suggest the idea of taking notes no matter how broke you are because you will never be able to meet up with repairing it when the time is due. Most of these companies also go to the extent of tarnishing your image by saying you are a thief and sending such messages to your phone contacts.
 

Kendy

Verified member
Yes, I took up loan to start my poultry farm just three weeks before the covid-19 pandemic. It was so difficult feeding the chicks because of the lockdown order and even where to find the feeds was a serious problem with triple of the original price due to the total lockdown which posed as a threat to importation and exportation. I had a tough time in finding ways to feed them and treat them during that period because even vets were skeptical to treat them in order not to contract the pandemic virus. At the point of sales, it was the worst because the loan repayment period was drawing closer yet I had made no sales rather I was incurring losses because I kept on feeding them since many people did not buy. I went bankrupt trying to repay the loan. I even sold some of my valuables to clear off the loan and since then, I told myself never to take loans no matter how demanding or pressurizing the situation might be so long as it does not involve life and death situation. This experience was really an eye-opener to me to be more cautious and source for other alternatives like selling my valuables which I was still forced to do when the repayment was over due.
 
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