I'm sure this question has been asked and answered numerous times before, so my apologies in advance; I have used the search and came up dry.
A few years ago I started a company with some friends. We have had some success, but it's extremely uneven, and last year, we decided we had to walk away from it. The company is not bankrupt, but only remains open to honor our responsibilities towards existing clients.
I am technical and just accepted a new full time position. My non-technical friend has been unable to find a job for a year despite diligent efforts. His debt emergency has gone from bad to extreme. I am looking for ways to help.
1. What non-profit resources exist to advise people who are in dire financial straits? I think we need a financial expert to carefully review his household's cash flow and help him focus all available resources against the worst parts of the debt.
2. I am considering extending him an ongoing 0% loan while we find his next job. My understanding is that unemployment insurance comes from your previous employer (our little company) and that does not exist in this case. I don't actually know what federal support exists, or what he might already be getting.
I am well aware of the risks inherent in being his financial backstop, so please don't bother warning me against it in principle. It's not something I'm considering lightly. I'll be careful not to ruin myself. At the end of the day, I value my friend's well-being above a certain degree of my own wealth. I will run some numbers on my end before I actually propose anything to him.
3. For those of you who have given "the talk" on mustachianism, how did it go? How does one avoid coming across as patronizing? I've already pointed him in the direction of this blog and another resource or two, but I don't know whether he dug into them any further.
Thanks to everyone! This is not easy.