Atty. Raymond Bulaon

Debt settlement ‘scams’ you should be aware of

Tuesday, 03 November 2009 22:01 Atty. Raymond Bulaon

ARE you thinking of hiring a debt settlement company to help you get out of debt? Were you told that this was a better alternative to filing for bankruptcy? As the economy continues to decline, more and more people are turning to debt settlement companies for help in eliminating their debts. Warning: Be very careful. As a bankruptcy attorney, I have seen a lot of people who have become victims of deception and misrepresentation by unscrupulous debt settlement companies.

Don’t get me wrong, there are some debt settlement companies that are completely legitimate. However, a lot of them are also just out there to scam people. I have heard a lot of horror stories about them from people who have come to my office for advice. These fly-by-night companies misrepresent the nature of the services they are offering, don’t tell you what you need to know and are simply interested in taking your money without actually helping you. They often prey on desperate consumers who see no way out of their debt problems short of filing bankruptcy. But instead of seeing light at the end of the tunnel, a lot of their victims find themselves hitting a brick wall instead. Don’t be one of these people.

Why wait until your debt problems become a financial emergency?

Sunday, 01 November 2009 22:21 Atty. Raymond Bulaon

ARE you struggling with unpaid bills, lawsuits or perhaps an imminent judgment or wage garnishment by a creditor? Are you afraid of what creditors may do to you, your property or your assets? Most people have no clue so sometimes, the tendency is to ignore their debt problems and pretend that they don’t exist. The truth, however, is that ignoring your debt problems can be the worst mistake you’ll ever make.

People with debt problems often act like they can run away from their own shadow. Their shadow follows them wherever they go and whatever they do. They could change jobs, start another business, move to a new neighborhood or a different state but they just can’t get away from their "shadow" no matter how hard they try.

Why wait until your debt problems become a financial emergency?

Thursday, 29 October 2009 20:59 Atty. Raymond Bulaon

Are you struggling with unpaid bills, lawsuits or perhaps an imminent judgment or wage garnishment by a creditor? Are you afraid of what creditors may do to you, your property or your assets? Most people have no clue so sometimes, the tendency is to ignore their debt problems and pretend that they don’t exist. The truth, however, is that ignoring your debt problems can be the worst mistake you’ll ever make.

Why wait until your debt problems become a financial emergency?

Tuesday, 27 October 2009 21:44 Atty. Raymond Bulaon

Here’s the truth about bankruptcy

Wednesday, 21 October 2009 00:41 Atty. Raymond Bulaon

ARE you struggling with debt problems and have thought about filing for bankruptcy but are unsure if it’s the best option for you? Over the last 12 years, I have counseled and helped thousands of individuals in debt. From what I’ve seen, most people suffer for years in debt when they could have obtained relief sooner if they just took the time to find out what bankruptcy was really all about. Oftentimes, these people listen to advice given by well-meaning family and friends but in so doing, only make their situation worse instead of better. Why? Because most of the time, the advice they get is based on misconceptions about bankruptcy. Relying on incorrect information can be disastrous to your financial health.

Let me get one thing straight: If you are currently struggling with debt and one or both of the following statements are true- (a) your total liabilities exceed your total assets, (b) you cannot meet your financial obligations as they become due- you are ALREADY deemed insolvent or bankrupt. Now, you may be in denial about it. You may refuse to accept this reality. But you will never get anywhere with your debt problems unless you accept things AS THEY ARE, not as you wish they had been. You need to wake up and smell the coffee.

Excessive debts can make loan modification difficult or impossible

Tuesday, 13 October 2009 21:33 Atty. Raymond Bulaon

AS the mortgage crisis continues unabated, more and more people facing foreclosure are also being forced in to bankruptcy. It appears that a lot of homeowners who couldn’t make their mortgage payments have been tapping into their credit cards and other personal lines of credit to get the cash that they need. Once the credit cards and the credit lines are maxed out, of course, these people find themselves in an even bigger financial mess. According to a recent survey, credit card debts are at an all-time high and if this trend continues, I predict that bankruptcy filings will continue to rise as they have over the last 3 years since the new bankruptcy laws were passed.

Can you get out of debt without filing bankruptcy?

Wednesday, 07 October 2009 00:33 Atty. Raymond Bulaon

FOR people who are considering bankruptcy as a way to get out of debt, some questions constantly arise. Am I doing the right thing? What other options are available? If I decide to file bankruptcy, should I file now or do it later?

Filing for bankruptcy is a serious decision to make. Unfortunately, a lot of people are hopelessly trapped in debt that it is their only chance of starting over. Most of them already have late payments, collections, judgments, etc. on their credit report. Some are in danger of getting their wages garnished, their bank accounts levied or their property and assets being taken. If you are in any of the above situations, filing bankruptcy may actually help you more than it can hurt you. It may be just what you need to turn your situation around and change your life for the better.

Bankruptcy is not always your fault

Tuesday, 29 September 2009 23:21 Atty. Raymond Bulaon

IF YOU have serious debt problems, you may feel depressed and alone. It may seem like the end of the world. Your self-esteem may have suffered. You may feel angry, depressed, guilty- or a combination of all three. You may consider yourself a failure, perhaps feeling angry with yourself for certain decisions you have made in the past that led to your present situation. I understand how you feel.

A lot of people in your shoes feel the same way, but I’m here to tell you that like most things in life, whatever you’re going through is most likely only temporary and will soon pass. How can I possibly say this? Well, did you know that as I write this article, millions of honest, hard-working people just like yourself are having problems paying their debts? As a matter of fact, there are more than 1 million personal bankruptcy filings in the United States every year as a result of being in debt. Do you think these people file bankruptcy simply because they do not want to take personal responsibility for their debts? Far from it! It is an established fact that most people who file bankruptcy do so as a result of circumstances beyond their control. Study after study has shown that some of the most common reasons why people file for bankruptcy -unemployment, sickness, disability, death in the family- are events which are beyond our control. It is not always your fault. So quit blaming yourself because doing so will not get you anywhere.

What is your personal financial recovery plan?

Tuesday, 15 September 2009 20:20 Atty. Raymond Bulaon

ARE you and your family personally affected by the current economy and the worsening foreclosure crisis? Worried about your job and your income as you continue to hear about the rising unemployment rate and massive layoffs everywhere? If you are in debt, things may even be worse for you as you struggle living paycheck to paycheck and barely having enough to keep the lights on and to put food on the table. As we go through turbulent economic times, a lot of people are in a state of panic and anxiety as they face the unknown future. Are you one of these people?

Experts predict that it may take a while for the economy to improve. As a bankruptcy attorney, the questions that I am often asked are: "Will my family’s increasing debt load result in bankruptcy?" "What happens if I lose my home in foreclosure?" A lot of people are overwhelmed with the difficult choices and situations that they face. If you are going through a bankruptcy or foreclosure, you may be feeling a lot of anxiety and depression at the moment. But perhaps instead of being paralyzed by fear, the better question to ask is: What’s your personal financial recovery plan?