This has some points in common with the 1989 novel by William C. Dietz Prison Planet
Points that match:
Searching for a novel that I remember reading in college, but probably published a few years earlier (So the late 80's/early 90's timeframe).
Details that I remember:
•Protagonist was enslaved to pay off debts or sent to prison planet
Check. Protagonist sent to prison planet.
•Eventually employed by family monopoly
•Family plotted against each other for control/influence
Possible Check. I remember him working for a criminal group on the planet (think prison gang). But I don't remember for sure if it was a family.
•Job was to hunt a dangerous animal on a specific planet
•Essentials had to be bought from family (increasing debt)
Check and Check. He teams up with another prisoner that was transformed into a cybernetic attack dog and went out hunting dangerous animals to raise money and get off the planet.
IIRC the cover was either red or yellow, and had a picture of the protagonist in hunting gear.
Possible Check. Please see picture cover below:
"Convicted of a crime he did not commit, Jonathan Renn is sentenced to life in the Swamp, a prison planet death row in a distant galaxy. Renn only has two choices, escape the Swamp or die in the process. Defending himself from attacks by deadly, native monster and his fellow convicts, Renn is obsessed with escaping the planet and getting his revenge on the people who set him up. Marla Marie Mendez is even more down on her luck.
Trapped inside a cybernetic dog and dropped defenseless into the Swamp, Marla can only rely on Renn and her claws to save her from the unfriendly elements. They must find a way out of the Swamp and quick before their life sentence is cut short."