Draining the retirement account to settle one debt would take away the immediate pain, but would not stop the bleeding associated with the credit card debt. The danger in this thought process is that while draining the retirement account will help the here and now, bankruptcy will likely be something that will have to happen a few years down the road. Only now not only are you filing for bankruptcy but you have drained your retirement account and have no savings whatsoever. In deciding whether bankruptcy is a good option for you, it is important to not only look at the problems you have today, but how you will deal with your debt problems down the road if you don't file for bankruptcy.
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