My successful entrepreneur parents have just gone bankrupt with $4M debt

Market shifts and my parents' poor decisions have incurred a massive debt for our family. Illustration photo by Unsplash

This debt looms over us like a ticking time bomb, poised to obliterate the stability we once enjoyed. Although our family’s annual income is around VND5 billion, which may seem significant, it is barely a dent against the colossal debt we face.

We used to live comfortably, but now, each day brings increasing pressure that weighs heavily on me. My mother, formerly a pillar of strength, now spends sleepless nights fraught with worry. My father, previously full of determination, has visibly aged under the strain. As for me, witnessing my family’s disintegration feels like a slow rending of my heart. Despite selling many assets and minimizing our expenses, we remain unable to settle our debts.

I share our story not to solicit pity, but to convey the challenges we are enduring. I believe that life tests us all in various ways, but with the support of others, my family will navigate through these trying times.

If any of you have experienced similar hardships, I would greatly appreciate your advice and insights. What steps can I take to ameliorate my family’s situation?