How to know when it's time to declare bankruptcy

As the housing crisis continues to touch American lives, one of the ripple effects of the crisis is the desperate financial straits of homeowners who continue to struggle with debt -- even years after losing their homes. As lenders continue to pursue deficiencies from three or four years ago, honest people who want to make good on their debts are increasingly overwhelmed. They find it impossible to rebuild their financial lives. Attempting to make even the minimum payments on a sea of debt can wipe out your retirement savings and max out your credit cards. It takes only one small shift in circumstance to make repayment an impossible task: a loss of employment, divorces, a health or housing crisis. Remaining in denial about the futility of repaying all debt is stressful and takes a toll on your relationships, family and health. When your liabilities are excessive, and your assets are minimal, if not gone, it is time to take a rational look at a very personal and, often emotional, decision: Should you declare personal bankruptcy? Years ago, personal bankruptcy was considered by some to be a shameful last resort. Read more: http://www.foxnews.com/opinion/2012/06/30/how-to-know-when-it-time-to-declare-bankruptcy/?intcmp=features#ixzz1zOgenI3d