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Compensation may impact how and where products appear on non-editorial pages (e.g., comparison or "marketplace" pages).That said, our standard is that we will never accept advertising from a product which we wouldn't use ourselves.Upon filing for Chapter 7 bankruptcy in bankruptcy court, a person places his assets under the protection of the court and submits a Statement of Financial Affairs describing his background and financial history.

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And the savings you have in a retirement account won't go as far as you think toward paying off your obligations.

Upon withdrawal, you'll have to pay regular income taxes on the money, plus a 10% early withdrawal penalty—and you'll be depriving yourself of the returns that money would have earned over the next three decades.

Five Cent Nickel receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site.

Unless a post is clearly marked "Sponsored", however, products mentioned in editorial articles and reviews are based on the author's subjective assessment of their value to readers, not compensation.

Sometimes people accumulate personal debts beyond their ability to pay. Bankruptcy Code has two methods for individuals to settle their debts, Chapter 7 and Chapter 13.

Sometimes the only solution is to declare bankruptcy. Chapter 7 bankruptcy, commonly called straight bankruptcy, comprises about 80 percent of the consumer filings."Other options, even bankruptcy, should be considered before pulling from a 401(k), as taking from this source is hijacking your future," said Thomas Nitzsche, a credit educator at Clearpoint Credit Counseling Solutions.Your ,000 in credit card balances isn't small change, but it's also not insurmountable.There's also a hidden danger to this type of all-at-once debt repayment, which is that if you don't establish good financial habits now, "you could rack up debt once more, and it will be much more difficult to rebuild those lost retirement savings," noted Jeffrey Arevalo, a counselor at Green Path Financial Wellness.Instead, get to work whittling down your credit card bills.Getting rid of the merchandise is actually a secondary goal, at least at first.