When you are overwhelmed by medical or credit card debt, it is essential to consider bankruptcy as an option. Bankruptcy is considered a last-resort option, but there are certain situations where filing bankruptcy may be your best bet.
When you can't afford to pay what you owe, bankruptcy is a good option. To determine your financial standing, take inventory of all your liquid assets. This should include college savings accounts, stocks, bonds, real estate, vehicles, and retirement funds. Then, collect and add up your bills and credit statements and.
If you find that your asset value is less than the amount of debt you owe, declaring bankruptcy may be the way out of a difficult financial situation.