Bankruptcy: Should you file now or later?

“If you’ve come to the end of your financial rope and don’t know what else to do, it is time to face your debt problems with dignity and do what your situation calls for.”

THE last several years have been financially difficult for a lot of people. When the real estate marked crashed a few years ago, millions of people found themselves with a mortgage they could not afford.

A lot of people simply walked away from their homes out of desperation in some cases, they were forced out of their homes after the bank foreclosed. Millions went to the bankruptcy courts seeking relief and hoping to find a way to get their finances back in order.

Debt is a very personal matter so most people don’t even talk about it. You may not realize this but chances are that someone close to you, perhaps a family member, a friend or a co-worker is seriously struggling with debt at this moment and have not told anyone about it. They seriously need help but don’t even know where to begin.

Like most people, you’ve worked hard, paid your taxes and have done your best to pay all your bills on time.  But at some stage in life, all of us get into debt. Money problems can easily overlap into other areas of our lives.

Many people feel hopeless and powerless over their debt problems. I have seen marriages become unstable and relationships destroyed forever. If you are currently in debt, rather than allowing your money problems to affect your life in such a dramatic way, filing for bankruptcy protection may help you get your life back on track.

If your liabilities exceed your total assets, you’ve suffered a job loss, are facing foreclosure or have bills you can no longer afford to pay, Congress has enacted bankruptcy laws that can help you get your finances in order. I know that the mere thought of bankruptcy makes most people nervous so they avoid exploring their options until it’s too late.  I find this unfortunate because in a lot of cases, people could have turned their situation around much sooner had they taken the time to find out what their legal rights are. 

Some people wait too long to file bankruptcy even when it is their only option. In the process, they use up hard-earned assets like their retirement plan, savings accounts, etc. but in the end they realize that this was nothing more than a temporary fix to a lingering problem.

If you’ve come to the end of your financial rope and don’t know what else to do, it is time to face your debt problems with dignity and do what your situation calls for. I am not saying that bankruptcy is for everyone but after being a bankruptcy attorney for 19 years now and having represented thousands of clients in bankruptcy, what I have seen is that oftentimes, bankruptcy is THE ONLY WAY for most people in debt to get a fresh start when they are in over their heads in debt.  If bankruptcy is the best option for you, you don’t need to keep living paycheck to paycheck while digging a deeper financial hole every single month. 

Yes, bankruptcy may be a scary thing for a lot of people who don’t understand the process but once you’ve taken the time to find out how it works and how it could help you get out of debt, you may realize that it’s actually not as difficult as you first may have thought.

If you are in debt and feeling hopeless about your situation, I would like to help you. Call my office for a free confidential consultation at Toll-Free 1-866-477-7772. We have offices in Glendale, Cerritos and Valencia.

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None of the information herein is intended to give legal advice for any specific situation.  Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call  Ray Bulaon Law Offices at  TOLL FREE 1 (866) 477-7772.   

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