As we consider how to play our cards when in debt, we can all laugh at the idea of when to file for bankruptcy.

Are You a Bad Player?

Everyone wants the repayment of any legitimate debts.

• Our self-image and values are enhanced by paying our debts. People who have worked two jobs and saved their money to pay off their debts are heroes.
• In 2005, Congress made a big deal about taking personal responsibility for your debts. Pro-creditor Congressmen viewed bankruptcy as the option for those who are unable to pay the consequences of their actions.
• People who sell credit claim that bankruptcy will make it impossible to trade in the credit markets until the end.

What No One Talks Of

Nobody talks about the large-picture costs of repaying debt.

Nobody talks about people whose blind commitment to payments has made it difficult to see other financial threats.

Nobody talks about people who are willing to sacrifice their lives but fail to repay their debts.

The Bankruptcy Factors to Consider

The relationships between your cards will influence the decision to pay off your debts. It is the relationship among the important factors. These are not hard and quick rules. Let’s take a look at the factors.

Avoid the Largest Loss

Avoid chasing old debt with money that won’t work or that could cause you to lose your pride even more.

It’s not smart to live paycheck to paycheck and spend your savings trying to achieve the impossible. It’s not smart.

This article was written by Alla Tenina. Alla is one of the best tax attorneys in Los Angeles California, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. Visit www.teninalaw.com for more information.

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