MANY people find themselves in the position of facing overwhelming debt, with constant calls from creditors and no obvious way out. For some, job loss sent them into a downward spiral, and they are now unable to pay their bills and meet their responsibilities. For others, a recent divorce or costly medical emergency drained their resources, leaving them in a very difficult financial situation.
Over the last few months, millions of people have lost their jobs due to the pandemic.
Unemployment is at an all-time high and without the stimulus payments provided by the government, a lot of people would have found themselves unable to pay their rent and provide for their families. The extra $600 in unemployment benefits have been a lifeline for many but that ended last month. As our Congress continues to deliberate and finalize plans on how to continue this government assistance, a lot of families are worried how they are going to survive these uncertain times.
In situations like what we are now facing, bankruptcy can be used as a tool to cut or minimize your losses while protecting what you have worked so hard for. If you have a home, savings, retirement plans, a business, other assets, etc., how do you protect all of these if you’re struggling with debts that you can no longer pay?
In good times, people sometimes get too complacent with financial planning and they fail to prepare for financial emergencies while continuing to accumulate unnecessary debt.
When tough times come, only then do they realize that they could have done better. I realize we are facing unprecedented times and the financial problems caused by the virus could not have prepared a lot of people for what was to come so quickly. But a good financial plan definitely helps you withstand the unexpected; there is nothing worse than not having a contingency plan. Thank God we have bankruptcy laws that can help us for the worst of times when we can no longer help ourselves.
Unfortunately, a lot of people are fed all kinds of misinformation about bankruptcy. So, what often happens is that people who need help so badly end up doing NOTHING for fear of making a mistake.
The important thing to remember is that no one solution fits every situation. Your financial situation should be carefully evaluated by an experienced and knowledgeable attorney who can help you understand the options you may have available. By doing this, you can make an informed choice in taking the steps needed toward financial freedom. As a bankruptcy attorney, I always see people who have been stuck in their financial suffering for years because of their inaction- when they could have acted much sooner before draining all their financial resources to keep their head above water.
Debt problems can happen to anyone. I understand that they can be overwhelming and can cause a lot of sleepless nights and constant worrying about the future. But things don’t have to be that way and you may have options that you didn’t even know existed. There is no shame in filing bankruptcy if that is what you need to do in order to start over and provide a better future not only for yourself and your family.
If you have not read my book, “What You Need to Know Before Filing Bankruptcy”, you can download it free of charge at HYPERLINK “http://www.beforefilingbk.com” www.beforefilingbk.com. For a free evaluation of your case, please call our office at Toll-Free 1-866-477-7772 to schedule a free consultation.
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NOTE: Due to the virus lockdown, I am currently offering consultations via phone or video. Please call the office to schedule your appointment with me. Questions? Email me at [email protected].
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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.
