A LOT of people in debt who file bankruptcy only do so after they’ve exhausted all other options available to them. They realize that they no longer have a choice but to do it and that delaying to take action will only make their debt problems worse. Paying bills can be very stressful especially when you feel like you have to choose between providing food and shelter for your family and paying the bill collectors who call night and day. Oftentimes, bankruptcy can also be your most powerful weapon when there is an immediate threat to you such as a foreclosure, lawsuit, repossession, wage garnishment or other legal actions by creditors.
Unfortunately, misinformation about bankruptcy is what sometimes stops people from doing what’s in their best interests. The truth is that bankruptcy is nothing more than a financial recovery tool that you can use to relieve yourself from the stress and burdens of overwhelming debt. Unfortunately, there are just too many people who are not getting the help that they deserve under our legal system because they have not taken the time to find out the real truth about bankruptcy. They have simply accepted without question what they’ve heard from others about bankruptcy.
Bill collectors, for example, are notorious for telling people that once they file bankruptcy, they will be ruined for life and that they will never be able to get credit, a car or that they will never be able to buy a home. This is nothing but a big lie. You have to keep in mind that this is a ploy or a trick that they use on you because they understand that fear and shame can force a lot of people to pay. These are lies told to you because they know that once you find out what your rights are, they can no longer collect money from you.
So if you simply believe what they tell you without finding out for yourself what the truth is, you will continue to live your life in fear- and this is exactly what your creditors want you to do. They want you to live in a constant state of fear and trying to guess what they will do next. They want you to continue being afraid of answering your phone and going to your mailbox. Once they sense fear in you, they know that they’ve got you- and they will move in for the kill in the same way that a sharks attacks its prey the moment it smells blood.
But things don’t have to be this way. If you have creditors breathing down your neck and are worried about losing everything you’ve worked hard for, find out if bankruptcy can help you protect what you have. Properly done, a bankruptcy can do more for you than years of trying to make small monthly payments that often do no more than pay interest, never really reducing the true amount of your debts. And don’t be misled by a debt settlement company telling you that they can reduce your debts by 60-70% while you pay them small monthly amounts over a 3-5 year period. These debt settlement programs often fail because most creditors will sue within several months of not getting paid- and there is nothing that the debt settlement company can do to protect you. So you may end up filing bankruptcy anyway after paying the debt settlement company a lot of money for nothing.
If you need help in getting out of debt, call my office at Toll-Free 1-866-477-7772 to schedule a free, confidential consultation.
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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 March 31, 2010 in Asian Journal Los Angeles p. B3 )
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