Personal Bankruptcy Factors to Consider BUS 215 Week 2 - Assignment

Feb 3rd, 2012
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Ashford University
Course: management
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Develop a two- to three-page paper (excluding the title and reference pages) focusing on the selection of the most relevant Factors to consider in a personal bankruptcy. You need to address the following: Describe the factors you should consider when assessing the choices related to declaring personal bankruptcy. Explain why personal bankruptcy should be the choice of last resort.

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Personal BankruptcySometimes individuals reach at a level of financial difficulty that they get no other way but to declare bankruptcy in order to avoid loan payments. There might be situations and unforeseen circumstances where declaring bankruptcy might be logical and only choice left for people. Although filling for bankruptcy might have some benefits, it also has its own consequences that should be analyzed before deciding to declare bankruptcy.Considering benefits and consequences, declaring bankruptcy is not easy decision. Bankruptcy may remain on credit file for many years, may result in loss of assets like home, car of savings etc. Anyone thinking to file bankruptcy should consider following factors. (King & Carray,2013)(i)Personal Circumstances:-Any one thinking to file bankruptcy should carefully evaluate his financial circumstances and try to figure our ways to pay back hi

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