[COLUMN] Credit card debt problems: Is bankruptcy the answer?

If you are up to your eyeballs in credit card debt and have no way of paying back what you have borrowed, a lot of things may be going through your mind at the moment.  Maybe you’ve heard of bankruptcy and how it may help you obtain a fresh financial start, but you think that this option may be too drastic for you.  Perhaps just the thought of going to a lawyer’s office to discuss the possibility of filing for bankruptcy is enough to send chills down your spine.

Relax and get over your fear.  First of all, it’s not the end of the world.  At one time or another, we all face financial difficulties in life.  Secondly, unless you speak with an experienced and knowledgeable bankruptcy attorney who can evaluate your case and recommend possible solutions, you will never know if bankruptcy is advisable for your situation.  In a lot of cases that I see, it is the only solution.  In other cases, however, bankruptcy should be avoided especially if there are risks of losing property or other assets.

Bankruptcy is a legal remedy that allows you to either discharge (wipe out) debts that you can no longer pay or at least restructure (consolidate) other problem debts.  Sometimes, all people need is time to get caught up after having fallen behind in payments.  For example, if you are in danger of losing your home or your car (How are you going to work if you lose your vehicle?), bankruptcy may help you stop the creditor from taking legal action.

The reason that I am writing about credit cards in this week’s article is because this type of debt seems to be the most common.  In many instances, people have simply charged more on their credit cards than they are able to pay back, and this could have serious consequences.  Creditors may sue and obtain a judgment.  They then enforce the judgment by placing a lien on your property or garnishing your wages.  A lot of people feel embarrassed about being called at work by bill collectors and they fear that this may cause them to lose their job.  Bill collectors are often rude, obnoxious, and abusive and their only job is to make your life miserable so you can cough up the money to pay them.

Filing bankruptcy immediately stops creditor harassment and for once, you are able to breathe again and clear your mind.  Being in debt can be very stressful.  It can also destroy marriages, family and business relationships.  The stress can affect your health and your peace of mind.  People who are in debt often feel alone and helpless. And because they are often embarrassed about their situation, they don’t even tell others about their problems or seek legal help until it’s too late.

Credit cards can be useful for emergencies but when overused, they could make your life very miserable. People in debt can’t even sleep at night as they are always worried about their debts and their future.  If you are in a situation where you feel that you are drowning in debt and you just can’t save yourself anymore, please get help as soon as possible before things get worse.  If you don’t do anything now, later on you will have no one else to blame but yourself for your inaction.

If you need to get your financial house in order, we can help you evaluate your options to get you out of debt.  If right for your situation, filing for bankruptcy relief can turn your situation around for the better.

For a free consultation, call Toll-Free 1-866-477-7772. Let me evaluate your situation and recommend possible options.

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NOTE: Due to the pandemic, consultations via phone or video are available. Questions? Email me at gethelp@rjb-lawoffices.com.

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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 5,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call RJB Law Offices at TOLL FREE 1-866-477-7772.

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