Question

In which two of the following situations should an individual consider filing for bankruptcy?

a. when a credit counselor advises filing for bankruptcy
b. is able to make on-time payments for outstanding loans
c. has a poor credit score
d. has a large amount of debt and can't pay back the amount

Answer 1

An individual should consider filing for bankruptcy when a credit counselor advises it or when they have a large amount of debt and cannot pay it back.

Step-by-step explanation:

An individual should consider filing for bankruptcy in two situations:

1. When a credit counselor advises filing for bankruptcy: Credit counselors are financial professionals who assess an individual's financial situation and recommend appropriate actions. If a credit counselor advises filing for bankruptcy, it is an indication that the individual's financial situation is dire and bankruptcy may be the best option.
2. When an individual has a large amount of debt and can't pay back the amount: Bankruptcy is a legal process that allows individuals to eliminate or reduce their debts. If an individual has a significant amount of debt and cannot fulfill their financial obligations, filing for bankruptcy may provide them with a fresh start.