Any American suffering from a financial emergency — whether it be job loss, expensive medical treatment, a divorce, or other challenges — must decide how to handle the increasing pressure. Many turn to sources of money and credit in order to keep going. And while some willingly turn to legal tools like bankruptcy, that can be a hard call for many others.
If you find yourself hesitant about seeking bankruptcy protection even though this may become inevitable, knowing how to tap the right funds — and avoid the wrong money source — is vital. Use this short guide to learn about the do’s and don’ts of using sources of cash and credit in this difficult time.
Don’t Raid Your Retirement
Retirement savings can be one of the most tempting sources of quick cash if you can’t pay your bills. But this is one of the last sources you should actually raid — for several reasons. (more…)