If you are like most people who are painfully struggling with debt problems, your mind may be filled with a lot of unanswered questions. Where can I go to get help? Is there a way out of this besides filing for bankruptcy? If I file for bankruptcy, will I be able to get credit again? You’re interested in getting the right answers to these questions, aren’t you?
Sadly there are a lot of bankruptcy "myths" out there that a lot of people simply accept and believe without even finding out the truth for themselves. Yes, these misconceptions about bankruptcy are extremely damaging and only cause unnecessary pain and suffering for people in debt. And guess what? Often, they come from well-meaning friends and family members! Listen closely! Even though your loved ones care a lot about you and are sincerely concerned about your debt problems, they are NOT the best source of bankruptcy advice!
For example, a lot of people ask me if they will ever be able to buy a house again after filing bankruptcy or if their credit will ever become "normal" again. Well, first of all, what does "normal" mean to you? In a lot of instances that I see, people already have a damaged credit rating with late payments, lawsuits, judgments or tax liens that are showing up on their credit report. And here they are asking if bankruptcy will "damage" their credit report! Believe it or not, when you have a lot of the negative items I mentioned above, you may actually have a better chance of improving your credit by filing for bankruptcy now and then starting over to rebuild your credit. Fact: Banks prefer to see that you have no more debts (after filing for bankruptcy) instead of seeing all the derogatory items on your credit report that continue to be reported month after month by your creditors because you are not paying your bills. Does that make sense?
Another situation I see quite often is where people owe so much in credit card and other debts and they hardly have enough income to cover all their living expenses and still make their debt payments. As a result, these people have fallen behind in all their debt payments and a lot of their accounts have been turned over to bill collectors or lawyers for collection. In some cases, creditors are either threatening to sue or have already sued and obtained a judgment. Of course, once a creditor obtains a judgment, a wage garnishment, bank levy or both are soon to follow. Most people are very intimidated by the legal process and don’t do anything about their problem until they reach the point of desperation.
Sooner or later, you will need to face your creditors and do something about your problems. Why not do it now before your situation gets worse? If you are thinking about filing for bankruptcy but need more information about it in order to make an informed decision, it’s important that you first consult with an experienced and knowledgeable professional who can help you make that decision, is it not? Imagine how good you’ll feel when you can finally breathe better knowing that all your debt suffering is finally over.
If you need to get your financial house in order, we can help you evaluate your options. If right for your situation, filing for bankruptcy to stop the vicious cycle of borrowing while protecting what you have can turn your situation around for the better. For a free consultation, call Toll-Free 1-866-477-7772. We have offices in Glendale, Cerritos, West Covina 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 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. (Advertising Supplement)
( Published April 14, 2010 in Asian Journal Los Angeles p. B2 )
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