Debt? we dont need no stinking debt!?
So, heres my situation, borrowed 30k in credit card debt and invested 10k of my own money for a total of 40k into the stock market back in November when things got bad and everyone including buffet was saying “now is the time to invest in stocks!”. I margined my account meaning i borrowed even more, diversified into 15 or so large companies, (Apple, Bank of America, Intel, adobe, sprint etc etc.) and as of Tuesday afternoon, my account value is around 8k. For a loss of 32k. Should i declare bankruptcy? hold on and watch my account value go to 0? any advice would be great. thanks
I can tell you that bankruptcy is not a option under the new laws this would be seen as fraud and you would not be allowed to include the credit cards.
Other then that all I can say is sorry and good luck.