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Bank Indebtedness

If you, having wound-up your business, have unsettled bank debt, not only you, but your banker as well, have a problem.

Your banker is allowed to demand you to sell your house if you own one, or your car. In some countries there are limits to how much of your house contents banks (and other creditors) can demand you to sell.

The law offers some protection against creditors on a debtor´s inability to settle his/her debt.
Contact a lawyer for further information.

Limitation

However, you will have to live with an indefinite period of limitation. Indeed, debt contracted without "particular legal basis" (e.g. general trade debt) expires in some countries after 5 years, but if you have unsettled bank debt, your banker will always take measures in order for the debt to subsist for 20 years.

And all it takes for the banker to prolong the 20 years´ period of limitation is a letter to the debtor pointing out that the debt still exists.

Being stuck with bank debt is a severe constrainer of your financial scope for action. For one thing, you are unable to acquire real property and generally to purchase property such as a car, until the debt has been fully repaid.

So if you are boundlessly indebted to your banker after having wound-up your business, you should contact them for an arrangement. In some cases the banker will agree to a reduction of the debt against payment of a fixed amount.
Such an arrangement is based on the banker´s estimation of whether or not you will be able to eventually settle the full debt.

Such arrangements are usually made with a lawyer as intermediary.

Debt relief

If you are up to the ears in debt to the banker and/or other creditors, you may be entitled to debt relief.
Debt relief is a grant by bankruptcy court for reduction of your debt to an amount within your capacity to repay.

However, debt relief is not something you get "just like that". Stringent requirements must be met and many applications for debt relief are turned down.

If you are in a situation where debt relief may be your only way out, you should consult a lawyer or your local bankruptcy court.

Hard work beats talent when talent does not work hard.
- Tim Notke - no information about him