How will filing bankruptcy change your life?

“While bankruptcy is not for everyone, millions upon millions of people who have no way of getting out of debt have found it to be the BEST thing that they ever did in their lives!”

ONE of the common questions that I’m asked by people consulting with me about their debt problems is: “How will filing bankruptcy change my life?”

I think people ask this question because of the negative things that they may have heard about bankruptcy from their friends, family, co-workers and neighbors. They can’t imagine living without credit cards again- or being able to buy a house someday if they don’t have one already. They think that a bankruptcy on their credit report means that they will be forever looked upon as outcasts in our economy.

My short response to this is: NON-SENSE. While bankruptcy is not for everyone, millions upon millions of people who have no way of getting out of debt have found it to be the BEST thing that they ever did in their lives!  Imagine someone who doesn’t even make enough to pay their bills and put food on the table. They know they owe creditors and understand their legal obligations. They’re doing their best to pay but simply can’t. If they pay creditors, that means they can’t pay rent or buy groceries. They’re going through a very difficult time and they’re feeling desperate.  Bill collectors are calling. Some creditors have already obtained a judgment and have started garnishing the person’s paycheck. What is this person to do?

If you can pay your bills, YOU SHOULD—and that is the right thing to do, of course. But if you have done your absolute best to honor all your financial obligations and have reached that point where nothing short of filing bankruptcy can resolve your debt problems, it could be a big turning point in your life. How about getting a good night’s sleep for a change? Most people in debt are so stressed out that they can no longer think straight.

A lot of people find it unavoidable to seek bankruptcy relief due to circumstances beyond their control. Unpaid medical bills can be a huge burden to people who cannot afford insurance. Businesses fail. People can get sick, go through a divorce, become disabled or suffer a death in the family. They can get laid off after years of working for the same employer. There are a multitude of reasons that lead to bankruptcy and a lot of them are not within your control.

If you are in your current situation because of some irresponsible behavior on your part, bankruptcy can be a good lesson you can learn from so you don’t make the same mistakes again. Because if you don’t learn the lesson and make the necessary changes to avoid the same mistakes, I guarantee you that you will be in the same financial mess again sooner or later.

But there are a lot of positive changes that can come out of filing bankruptcy. First is peace of mind. Bankruptcy can protect everything that you’ve worked so hard for and you can sleep better at night knowing that creditors are not going to be able to just take them from you.

Once you are relieved from the burden of debt, your future can be exciting again. You can start taking control of your finances and plan for your retirement, your children’s education, perhaps start saving again instead of going through life aimlessly without a financial plan.

Life after bankruptcy depends on what you do after the law has given you that second chance you badly needed to recover and rebuild your life. Your credit heals only after 2-3 years but this doesn’t mean that you should start borrowing again just because you can. Before bankruptcy, most people are confined to limited options because of the heavy debt burden that they carry. Being debt-free (or having less debt) after bankruptcy certainly opens the door to new possibilities. Isn’t that what you really need if you are in the situation I described above?

If you or someone you know is in financial trouble, I provide a free consultation to discuss all possible options including bankruptcy. Please call Toll-Free 1-866-477-7772 to schedule a free consultation. We have offices in Glendale, Cerritos 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 thousands of 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.   

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