My grandfather worked in real estate and owned a number of commercial buildings that he lost during the great depression. It took him sixteen years, but he paid every one of his creditors off with interest.
I always took it as an example of the right way to act. But I have relatives that thought he was a fool not to declare bankruptcy and move on. There will always be people on both sides of that question, but he continues to be my inspiration as an entrepreneur.
Interesting story. Did your grandfather make the money to pay off his creditors through entrepreneurship? How did his career go once he had paid off the debt?
Yes he started a business installing furnaces. He was well respected by the guys who survived in real estate and had no problem finding business. When the war was over he did go back to real estate but never as big as before. He explained that he never would again be comfortable to be so highly leveraged.
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My grandfather worked in real estate and owned a number of commercial buildings that he lost during the great depression. It took him sixteen years, but he paid every one of his creditors off with interest.
I always took it as an example of the right way to act. But I have relatives that thought he was a fool not to declare bankruptcy and move on. There will always be people on both sides of that question, but he continues to be my inspiration as an entrepreneur.
Interesting story. Did your grandfather make the money to pay off his creditors through entrepreneurship? How did his career go once he had paid off the debt?
Yes he started a business installing furnaces. He was well respected by the guys who survived in real estate and had no problem finding business. When the war was over he did go back to real estate but never as big as before. He explained that he never would again be comfortable to be so highly leveraged.