So I used to run a successful construction business but last year an accident happened during an assignment & not only did the business go bankrupt but also went into huge debt from all the legal stuff I had to pay off. Sold house, sold cars, sold everything valuable. Now I have a day job which doesn’t pay super well. I have a son and I feel like I’m letting him down, even though he’d never admit it; on the contrary, he always comforts me & tells me he’s happy with what we have. I basically cut off all of my personal expenses to spend the money on him. I feel so bad everyday.
As someone who’s had multiple failed companies you have to learn how the rich people do things and protect your personal assets from your business ones (& even your business from your business ones). Once you’ve got better advice from a lawyer then maybe try it again, especially construction, unless it’s now a wellness reason. Your business should be able to absorb a lawsuit and reform under a new s-corp with most of your assets intact. It’s super hard work pulling yourself out of the pit and starting over again but the extra income is worth it. You could try moonlighting for a while until your expenses get balanced.
Remember you are not a failure, you are still trying everyday, and you have seen the method to your success before. It takes a real motivated and hardworking person to make a business grow and you’ve proven you could do it once. Work towards that financial independence again, take it slow and keep yourself free of the liabilities this time.