Many people are quick to judge others badly when they have to declare bankruptcy, but change their tune when their debts become untenable. A quick change in an life, such as divorce or job loss, can cause a situation that can only result in bankruptcy. If you find yourself in this situation, educate yourself on the process.
If you are going through a bankruptcy do not fall victim to guilt and pay off debts that you do not need to pay. You shouldn’t dip into your IRA or 401(k) unless there is nothing else you can do. Although you may need to tap into your savings, you should not use up all of it right now and jeopardize the financial security of your future.
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