Atty. Raymond Bulaon

Life isn’t always fair but there is hope

Wednesday, 20 May 2009 01:05 Atty. Raymond Bulaon

"I CAN’T believe this is happening to me. Life’s not fair. I haven’t done anything bad. Why do I feel like I’m being punished for something I didn’t do?" These are words I often hear from clients who come to me for bankruptcy advice. Some people are quick to judge- until one day they find themselves in the same situation. Contrary to what others may think, most people who file for bankruptcy are honest, hardworking individuals who simply need to get a fresh financial start. Yes, they are your normal, everyday folks- just like you and me who have jobs and families. They may go to the same church that you go to. They could be you r next-door neighbor or your coworker. No one- absolutely no one- is ever exempt from the uncertainties that life brings us.

Are your financial problems pushing you into bankruptcy?

Tuesday, 12 May 2009 20:53 Atty. Raymond Bulaon

HAVE recent changes in the economy or the real estate market put your back against the wall with no way out? Are you struggling to make sense out of the financial mess that you are currently in and have thought of filing bankruptcy as a possible solution to your financial crisis? You are not alone.

It has now been more than 4 years since Congress passed more restrictive bankruptcy laws. While filings did go down temporarily for a few months after October 2005, it didn’t take very long for things to change. Now we are seeing a massive increase in bankruptcy filings again. Why is this happening? Here’s why:

Is filing bankruptcy your last resort?

Tuesday, 05 May 2009 23:23 Atty. Raymond Bulaon

WHEN no other means of debt relief are available, filing for bankruptcy may be the only way to get out of debt for most people. The good news is that the old stigma associated with filing bankruptcy no longer really exists and most people who file bankruptcy usually rebuild credit very successfully in only 2-3 years. Of course, this doesn’t mean that you should take the decision to file lightly. Filing bankruptcy is still a very serious decision and is one that must be made with the expert assistance of a knowledgeable and experienced attorney. When done correctly, however, it could be the best decision you ever made to turn a hopeless situation around.

There are 2 basic types of bankruptcy for individuals. Chapter 7 bankruptcy allows you discharge all outstanding debts that you can no longer pay with the exception of certain types of debts such as student loans, taxes and child support. The process begins by filing a "petition for relief" with the bankruptcy court. Once the petition is filed, creditors are automatically prohibited from pursuing or continuing any legal action against the debtor or the debtor’s property unless they get permission from the court. Thus, collection calls, lawsuits, wage garnishments, repossessions and foreclosure are stopped immediately.

Bankruptcy: Plan your own financial recovery now

Wednesday, 29 April 2009 00:10 Atty. Raymond Bulaon

ARE you worried about how the worsening economy may personally affect you and your family? Worried about your job and your dwindling income? If your expenses are out of control and you are living paycheck to paycheck, you may have a good reason to be concerned especially if you don’t have an emergency fund. As we go through turbulent economic times, I am also seeing that debt has become a major concern for families and small business owners. Is your current financial situation causing you to have sleepless nights?

Will Obama’s loan modification plan work?

Wednesday, 22 April 2009 18:48 Atty. Raymond Bulaon

LOAN Modification seems to be the new buzzword in today’s mortgage marketplace. Wherever you go, this seems to be what everyone is talking about. You hear about it everywhere- in the newspapers, on TV, and loan modification help ads are all over the internet. Is this in fact the answer to the current mortgage crisis?

As our economy takes a turn for the worse, more and more people are at risk of losing their home. Lenders and servicers continue to be overwhelmed as they are inundated with loan modification requests from distressed homeowners who are desperately trying to stay in their home. A lot of people question whether the lenders are trying hard enough to solve the problem.

Debt relief, peace of mind with bankruptcy protection

Tuesday, 14 April 2009 21:42 Atty. Raymond Bulaon

IF you are in debt and are seriously considering bankruptcy as an option, I am sure a lot of thoughts are going through your mind. I just want to get out of debt and start over but how quickly can I recover from bankruptcy? What are the different types of bankruptcy available? How do I know I am making the right decision?

Can bankruptcy avoid or delay foreclosure?

Tuesday, 07 April 2009 23:50 Atty. Raymond Bulaon

IF you are currently facing foreclosure, perhaps you are curious as to whether filing for bankruptcy can help your situation. Maybe you have tried and failed with all other options and are now looking at bankruptcy as a last resort. Can bankruptcy really help?

Contrary to all the negative things that you may have heard about bankruptcy, it may actually be the solution that you need to help you keep your home. If you’re already behind on your mortgage payments and the lender has filed a Notice of Default against your property, you may have very limited time to act especially if your lender is not being cooperative in working out a resolution. Filing bankruptcy (Chapter 7 or Chapter 13) automatically stops the foreclosure by directing your lender to immediately cease all collection activities. In order to continue with the foreclosure after being notified of a bankruptcy filing, the lender needs to get court permission to do so.

How to rebuild your life after foreclosure

Tuesday, 31 March 2009 21:50 Atty. Raymond Bulaon

(1 vote, average: 5.00 out of 5)

IF you have recently lost your home to foreclosure, you may feel like it’s the end of the world. You may feel depressed and emotionally devastated. You may even wonder if life can ever be the same again. Listen to me. Believe it or not, there is life after foreclosure and things may not be as bad as you think. You may not see it now but trust me, like most things in life, this, too, will soon pass.

The truth is that most foreclosure victims eventually become homeowners again. But you need to have a solid plan for the future- and the time to start is now. The amount of effort you put in will determine how long it will take for you to rebuild your finances, your credit and your life.

Is there an alternative to filing bankruptcy?

Tuesday, 24 March 2009 19:22 Atty. Raymond Bulaon

FOR people who are considering bankruptcy as a way to get out of debt, some questions constantly arise. Am I doing the right thing? What other options are available? If I decide to file bankruptcy, should I file now or do it later?

Filing for bankruptcy is a serious decision to make. Unfortunately, a lot of people are hopelessly trapped in debt that it is their only chance of starting over. Most of them already have late payments, collections, judgments, etc. on their credit report. Some are in danger of getting their wages garnished, their bank accounts levied or their property and assets being taken. If you are in any of the above situations, filing bankruptcy may actually help you more than it can hurt you. It may be just what you need to turn your situation around and change your life for the better.