Asian Journal- The Filipino-American Community Newspaper

ARE you and your family personally affected by the current economy and the worsening foreclosure crisis? Worried about your job and your income as you continue to hear about the rising unemployment rate and massive layoffs everywhere? If you are in debt, things may even be worse for you as you struggle living paycheck to paycheck and barely having enough to keep the lights on and to put food on the table. As we go through turbulent economic times, a lot of people are in a state of panic and anxiety as they face the unknown future. Are you one of these people?

Experts predict that it may take a while for the economy to improve. As a bankruptcy attorney, the questions that I am often asked are: "Will my family’s increasing debt load result in bankruptcy?" "What happens if I lose my home in foreclosure?" A lot of people are overwhelmed with the difficult choices and situations that they face. If you are going through a bankruptcy or foreclosure, you may be feeling a lot of anxiety and depression at the moment. But perhaps instead of being paralyzed by fear, the better question to ask is: What’s your personal financial recovery plan?

If you find that bankruptcy is your only option, remember that you are not alone. Last year, over 2 million people filed for personal bankruptcy. These people are just like you- average, hard-working individuals who are doing their best to pay their bills but came to a realization at some point that they needed help in order to get a fresh financial start. When appropriate for your situation, bankruptcy can be a positive solution that can help you rebuild from scratch. Think about it: If you are at a point where you can’t pay your bills and your very livelihood is at risk because creditors are threatening to sue you and garnish your wages, what do you do? Things don’t have to go from bad to worse, unless you let them- by doing nothing. Bankruptcy protection can provide you immediate relief from all creditor actions so that you can regain financial footing. That’s all it really is- a legal remedy that allows you to regain control of your finances so that you can start over. In life, sometimes all you need is a second chance.

When financial disaster strikes, lives can be shattered and marriages destroyed. I have seen the emotional toll that this takes on people- the shock, confusion and uncertainty about the future that this situation creates. Most people need time to recover emotionally even after the financial crisis is over. Remember, however, that if you do decide to file bankruptcy, you can be taking the first step to financial recovery if you have no other choice. Stop over-analyzing your situation and stop wasting your time worrying and feeling sorry for yourself. As someone said: "Worrying is like sitting in a rocking chair. It gives you something to do but it doesn’t get you anywhere."

The first thing you need to do is to find out what your legal options are and to find out whether bankruptcy is the right solution for your situation. In spite of all the negative things that most people have heard about bankruptcy, once they make the decision to file, they realize that the process can actually be positive and ultimately rewarding if it is their last chance for financial recovery. By knowing your options, you don’t need to wait for things to change because in most cases, they don’t- unless you take action now. This is not a time to be complacent and bury your head in the sand pretending that your debt problems don’t exist. Be realistic and develop your own financial recovery plan.

Call my office for a free consultation at Toll-Free 1-866-477-7772 and we can help you decide what option is best for your situation. We have offices in Glendale, Cerritos and West Covina.

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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 over 4,000 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.

( www.asianjournal.com )

( Published on September 16, 2009 in Asian Journal Los Angeles p. B2 )