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Sounds like the business is losing money. Opening a second location simply means money can be lost in twice as many places. Either turn the business around into profit mode, or shutter it now.
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Act as a consultant and be there for advice and counseling.
But, don't offer any cash to help pay anything back, unless you are ok with never being paid back. If you are ok with gifting the money as opposed to loaning the money, then help however you want. But, I wouldn't go into this expecting to be paid back. If you prepare yourself and your significant other mentally that this is a gift and will not be repaid, then it will save years of resentment, bitterness, and arguing.BrianComment
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Some states have laws regarding how much interest and fees can be charged on quick loans. You might want to check your state's usury laws or contact your Attorney General for info. I'm not sure how old they are, but if they did not understand any part of the loan documents, they might get some help through an eldercare office. It sounds like it would be like grasping at straws, but you never know.
I have had to make payment arrangements with the IRS. They were actually very lenient with us, and we had to make shockingly small payments on a large amount until we were able to pay it off in full.
Good luck to you and your family.Comment
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