I’m a dentist with a start up, 11 months old.
Significant debt that I am personally guaranteed. 900k loan
Some student loans (prices of everything has gone up)
If my practice can’t continue to run due to lack of working capital and low revenue/not breaking even just yet, I fear I may have to file for bankruptcy as I keep dumping my own saving into it. I have read that most businesses can take a year-2 to get to break even..
Wonder what are the downstream ramifications of filing are for people that file?
What is peoples mental health usually after? How do people handle life after bankruptcy?
Can you still achieve your financial goals after being wiped out completely? This business has taken all my savings but I have big financial and professional aspirations. I just seem to have taken the wrong step in starting an office perhaps not in the best location despite thinking it was a decent location so patient inflow has been low.
The feeling literally makes me sick to my stomach as I can’t believe I am in this position.
Also not looking to be bashed by anyone. Constructive comments only please as my mental health is really important right now.
submitted by /u/Proud-Ad-5808
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