by 
The Curious Bag
-
<h4 class="dechead">On One Hand: Last Resort
Bankruptcy is seen by most experts as the last resort when dealing with credit card debt. According to the National Federation for Credit Counseling, the negative aspects of bankruptcy, which include the increased difficulty of renting an apartment, buying a car or buying insurance, make other alternatives preferable.
On the Other: No Other Options
Sometimes their may be no option other than bankruptcy if an individual wants to protect certain assets, such as a home, from being seized by creditors. The Federal Trade Commission acknowledges that although bankruptcy should be the last resort, it may be the only solution for people with no way to pay their debts.
Bottom Line
The experts are virtually unanimous that a bankruptcy should be filed only if every other reasonable option is clearly unsatisfactory. You should seek the advice of a financial planner or a nonprofit credit counseling agency before taking this drastic step.
Source:
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC