15 May Is Bankruptcy Right For Me?
I read Bankrate.com quite a bit, but not because it is such an authoritative source of personal finance information. Rather, I read Bankrate articles because my hometown newspaper reproduces them to fill its personal finance section with content, and they are usually decent, if not oversimplified, synopses of various topics. A recent Bankrate article reproduced in my paper suggests there are three components you should consider prior to filing personal bankruptcy: financial, emotional, and future consequences.
Financially, you should know where you stand. In other words, create a budget. Are you paying out more than you are earning, and if so, can you realistically eliminate expenses to stay within the budget? If the answer is no, a personal bankruptcy may help make this happen.
Emotionally, how are you holding up under the stress of your financial situation? Money matters are the root of many marital problems, and constant collection calls can become psychologically draining. If you are feeling defeated, a personal bankruptcy may help you gain control of your life.
Finally, the financial advantages and emotional relief of bankruptcy must be weighed against the future implications of filing bankruptcy. Bankruptcy can affect your credit for years. In a limited number of professions, a bankruptcy may affect a promotion. It may also affect your ability to rent an apartment. So, factors like your future job situation or living arrangements should weigh in your bankruptcy decision.
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