Thursday, March 15, 2007

If I file for Bankruptcy, will I be able to open up a Forex account afterwards? -

Check the online account agreement docs. I know that banks do. Gain Capital Group (forex.com) definitely does. If you re in a bad enough state to believe that you might be eligible for bankruptcy protection, whether you ll be able to open a forex account is irrelevant. You re already a bad credit risk. I would encourage you to take a hard look at how you got to this point, and think of ways to shore up your situation (build up a six-month emergency fund, create a budget, review and possibly change your spending and borrowing habits, seek help from a financial counselor). Forex is interesting, to say the least. But the last thing you need a few years from now is a court order from a creditor (which may include the forex firm you ve signed up with, if you managed successfully to open an account) that seizes your assets because of another delinquency somewhere. Adopt a conservative approach to your financial situation until you ve built up enough idle funds outside of the emergency account to take investment risks.

No comments:

Post a Comment