Bankruptcy Dilemma

Filed under: Bankruptcy; Author: admin; Posted: September 22, 2008 at 8:17 pm;

Glenn Curtis, Investopedia 09.22.08, 1:15 PM ET

Individuals who have racked up excessive debt are sometimes left to ponder whether it makes sense to file for bankruptcy. There are several reasons why it might make sense to take the plunge and file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, but making this decision is not without consequence.

There are a few circumstances in which filing for bankruptcy can be beneficial:

You’ve Already Tried to Negotiate.
Your Liabilities Exceed Your Assets.
You Want to Keep Your IRA.
There May Be a Personal/Mental Impact.
You Won’t Be Able to Borrow.
Your Credit Will Be Shot

Read more…

Forbes.com

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