MOST debt problems don’t go away. They are there when you go to bed at night and they’re still there when you get up in the morning. They can cause a lot of ulcers, sleepless nights, stress and even physical sickness. As a bankruptcy attorney for the last 10 years now, I’ve seen the devastating effects of serious debt problems on people’s personal lives, their businesses, their families and their marriages.
Facing serious debt problems causes severe anxiety and fear about the future. What will happen to me and my family if I get sued by creditors and get my wages garnished? Will I have enough to buy food, pay my rent or mortgage and continue to support loved ones? You may experience feelings of guilt, anger, loneliness and depression.
The worst thing that you can do right now is to pretend that everything is OK until one day your situation becomes a financial emergency. I know, I know. You’ve probably heard a lot of bad things about bankruptcy. But have you actually looked into it to see if it’s a good option for you? Have you looked at the potential advantages and disadvantages and whether this may be the solution that you need to turn your life around? After all, more than 1 million people in this country file for bankruptcy every year and they do just fine. Most of these people rebuild their credit in 2-3 years and a lot of them qualify to buy a home even after bankruptcy. Is this what you’re afraid of? Are you afraid that once you file for bankruptcy, you will never have credit again? This is a big lie that bill collectors often tell you in order to scare and intimidate you. They know that once you file for bankruptcy protection, they can no longer call and harass you.
Don’t get me wrong. Bankruptcy is certainly not for everyone because it is not a one-size-fits-all proposition. But when done right, you may find yourself thinking why you hadn’t done it sooner to end your debt suffering. Filing for bankruptcy protection automatically stops all creditor actions such as harassing phone calls, collections letters, lawsuits, wage garnishments, foreclosure and repossession. Generally, two types of bankruptcy relief are available. You can either wipe out debts (Chapter 7) you can no longer afford to pay (example: credit cards) or you may consolidate all your debts into one low monthly payment and pay only based on what you can afford (Chapter 13). Which chapter is right for you is usually determined by your income and assets. Either way, bankruptcy relief can be a first step in rebuilding your finances and your life.
If you have done everything you can to get out of debt but you have simply come to the conclusion that there is no other way out, don’t be embarrassed to seek legal help. After all, these laws were enacted by Congress to help people just like you. The large corporations and yes, even the wealthy people in this country file for bankruptcy whenever necessary. The difference between these people and the rest of the population is that these people look at bankruptcy as NOTHING MORE THAN A LEGAL STRATEGY to get out of debt and minimize their losses. There is nothing illegal, criminal or unlawful about filing for bankruptcy protection if you qualify. It is your legal right as a consumer and the law is on your side to help you recover financially if you can no longer do it on your own. In my opinion, a financially sick person who refuses to get legal help can be likened to a sick person who refuses to take medicine. Bankruptcy is like a needed surgery. It may hurt in the beginning but once the healing begins, you can be a healthy person again.
For a free attorney consultation, call Toll-Free 1-866-477-7772. 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.
( Published on June 3, 2009 in Asian Journal Los Angeles p. B3 )
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