What is it like to incur a huge debt if you can t afford to pay it off?

I feel that it is a very devastating thing to owe a huge amount of debt, and I can't pay off the loan, I can't eat, I can't sleep, I am very nervous, I think about it all the time, I don't know what to do, I don't know how to turn over. It will make people in a very anxious state all the time, and there is a feeling of wanting to collapse all the time. <>

Otherwise, this feeling is generally only felt by those who have failed in business, and if it is some people who borrow money to gamble or squander, he will not have this feeling at all, because he has no conscience at all, and he will not think that he is wrong. He doesn't think it's a great thing to owe money because he doesn't intend to pay it back at all. <>

The reason why people who fail in business feel this way is because people who do business are generally more honest, and they also know very well how important integrity is to a person. But for some people who borrow, squander or gamble, they don't care about these things at all, because they don't earn the money, so they don't feel distressed at all. All they care about is whether they can continue to gamble, whether they can squander the money, and whether they can't pay it back, that's another matter.

But I think most people are more anxious, more scared, worried that they can't pay back, that they will go to jail, or that there are more troublesome things when they can't pay them back. After all, this is a normal mental activity of an ordinary person, like some people with better psychological quality, no matter how much money he borrows, he will not be afraid, and he will not think that he is wrong. <>

It's really a very unbearable thing to not be able to borrow money, that kind of anxiety, that kind of collapse, that kind of helplessness, it is really unbearable, so we try not to borrow too much money again, so as not to pay it back. If you really owe money, then quickly find a way to pay it off.

It should be a very devastating experience because of the huge debts, inability to repay, and possible legal liability.

Having a huge amount of debt can make your whole life dark, and every day will be a mess and stressful. Life can become a mess and even feel meaningless.

This experience is very painful, and it can be very stressful on a daily basis, and if the situation is very severe, it can also lead to depression.

After the debtor owes the money, it needs to fulfill the repayment obligation in accordance with the contract. If you really can't afford to repay, you can directly negotiate with the creditor about repayment, and strive to reduce the interest or repay the loan in installments.

Article 577 of the Civil Code provides that if a party fails to perform its contractual obligations or the performance of its contractual obligations does not conform to the agreement, it shall bear the liability for breach of contract such as continuing to perform, taking remedial measures or compensating for losses.

Failure to repay debts constitutes the crime of fraud.

The arrears are civil disputes and do not constitute fraud cases. There are three ways for a creditor to claim the money owed:

First, negotiate directly and strive for direct repayment by the other party;

Second, you can find an intermediary to coordinate, reach a repayment agreement, and repay the loan as soon as possible.

Third, the creditor can collect evidence and then file a lawsuit in court to request that the debtor be judged to perform the repayment obligation in accordance with the law.

The crime of fraud refers to the act of using fictitious facts or methods to conceal the truth for the purpose of illegal possession to defraud public or private property that is relatively large in amounts. It is generally believed that the basic structure of the crime is as follows: the perpetrator commits fraud for the purpose of illegal ownership, the victim has a misunderstanding, the victim disposes of property based on the misunderstanding, the perpetrator obtains property, and the victim suffers property losses.

The Supreme People's Court and the Supreme People's Procuratorate Interpretation of the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in Handling Criminal Cases of Fraud (effective as of April 8, 2011) provides: Where public or private property is defrauded only with a value of 3,000 to 10,000 RMB, 30,000 to 100,000 RMB, or 500,000 RMB, it shall be respectively found to be a "relatively large amount", "huge amount", or "especially huge amount" as provided for in article 266 of the Criminal Law.

Article 266 of the Criminal Law stipulates: Whoever defrauds public or private property, and the amount is relatively large, is to be sentenced to fixed-term imprisonment of not more than three years, short-term detention or controlled release, and/or a fine; where the amount is huge or there are other serious circumstances, a sentence of between 3 and 10 years imprisonment and a concurrent fine is to be given; where the amount is especially huge or there are other especially serious circumstances, a sentence of 10 or more years imprisonment or indefinite imprisonment is to be given, and a concurrent fine or confiscation of property. Where this Law provides otherwise, follow those provisions.

Where the victim submits an accusation within the time limit for prosecution, and the people's courts, people's procuratorates, or public security organs shall file the case but do not do so, it is not subject to the time limit for prosecution.

The debtor's insolvency is usually dealt with in the following ways: 1. Negotiate with the debtor to obtain the details of the other party, and the debt can be appropriately extended or reduced. 2. If you do not agree to extend or reduce the debt, the debtor may take a delay, and if you go to court to sue, it can generally be delayed for half a year to a year for the debtor.

3. There is really no money to repay, even if the lawsuit is won, the court enforcer knows that the debtor has no money and cannot be enforced. Article 189 of the Civil Code stipulates that if the parties agree to perform the same debt in installments, the limitation period shall be calculated from the date of expiration of the last period for performance.

If you owe a huge amount of debt, you can not repay it, and you can negotiate with the creditor according to the actual situation. After the debtor and the creditor reach an agreement on issues related to the repayment of debts, the debtor shall repay the debts in accordance with the agreement and repay part of the debts in installments at the request of the world. After the expiration of the repayment period of each period, the debtor shall pay off the corresponding debts.

According to the provisions of the Civil Code, if the debtor fails to perform the debt, it is in default of the debt. The creditor may require the debtor to bear the liability for breach of contract, and the parties may resolve the dispute through negotiation, arbitration or litigation.

1. What to do if you are sued for debt.

If the debtor is sued for debt, the debtor can defend or appoint a lawyer**. Debtors must bear the responsibility of repaying their debts, but in real life, some debtors are overdue. If the debtor fails to repay the debt within the time limit, the creditor may sue the debtor and require the debtor to pay off the debt.

If the other party does not pay back, you can negotiate first. Some people will fulfill their repayment obligations after persuasion. If the negotiation fails, a lawsuit can be filed in court.

Prepare an indictment and a list of evidence to tease. Go to the court where the other party is located to file a lawsuit and wait for the ** notice.

2. What to do if the borrower dies and the debt is lost.

According to the provisions of the Civil Code of the People's Republic of China, the debtor's heirs shall pay off the debtor's debts before dividing the estate, but to the extent of the estate, and the debtor's heirs who exceed the estate have no obligation to repay, so the creditor can claim the creditor's rights from the debtor's heirs.

Civil Code of the People's Republic of China

Article 678:The borrower may apply to the lender for an extension before the expiration of the repayment period, and the borrower may extend the loan term with the consent of the borrower.

Article 577:Where one of the parties fails to perform its contractual obligations or its performance does not conform to the agreement, it shall bear liability for breach of contract such as continuing to perform, taking remedial measures, or compensating for losses.

Article 578:Where one of the parties expressly states or shows by its own conduct that it will not perform its contractual obligations, the other party may request that it bear liability for breach of contract before the expiration of the performance period.

If the debtor fails to repay the debt, the creditor's remedies are: 1. If the repayment period agreed on the IOU has expired and the other party fails to repay the debt, the creditor can sue; If the agreed repayment period is not reached, the lawsuit cannot be filed. 2. If the repayment period is not agreed on the IOU:

After the creditor demands and gives the debtor a reasonable period of time for repayment, the debtor may sue after the definite repayment period is exceeded, and the statute of limitations is three years. 3. When filing a lawsuit, the complaint and relevant evidence may be written and submitted to the case filing division of the basic level court where the defendant's household registration is located (permanent residence for more than one year). Generally speaking, the statute of limitations for monetary debts is three years, that is to say, after three years have elapsed from the date of expiration of repayment, the people's court will not protect it, but if the debtor appears in court to respond to the lawsuit and does not raise a statute of limitations defense, it is not subject to the three-year statute of limitations.

Legal basisThe hall is hidden.

Article 188 of the Civil Code stipulates that the statute of limitations for filing a request to the people's court for protection of civil rights is three years. Where the law provides otherwise, follow those provisions. The limitation period is calculated from the date on which the right holder knows or should know that the right has been damaged and the obligor.

Where the law provides otherwise, follow those provisions. However, if more than 20 years have elapsed since the date on which the rights were infringed, the people's courts shall not grant protection, and where there are special circumstances, the people's courts may decide to extend the period on the basis of the application of the rights holder.