Atty. Raymond Bulaon

Do you need to file bankruptcy but worried about your credit?

Sunday, 14 March 2010 20:42 Atty. Raymond Bulaon

FILING bankruptcy is something people hope they never have to do. The reality, however, is that bankruptcy is often the only means for people to be able to recover financially and start over. Sure, there are credit repercussions to filing bankruptcy but like other setbacks that you encounter in life, they can be overcome if you take the right steps. You may not know this but the recovery process can be as little as 3-4 years. It is unfortunate that very few bankruptcy attorneys give their clients at least the basic information they need to know to rebuild their credit after bankruptcy.

So you’re probably thinking: "How can banks and lenders trust me again if I have a bankruptcy on my record for 7-10 years?" Well, you may be shocked to know how many people receive invitations from credit card companies to apply for their cards even after bankruptcy. While is true that there are many credit card companies who are reluctant to give credit to people who have just filed bankruptcy, there are also a lot of companies that cater to those who have had past financial troubles.

Are your credit card debts out of control?

Monday, 08 March 2010 00:59 Atty. Raymond Bulaon

THE very first step you need to take if you seriously want to get out of credit card debt is to admit to yourself that you have a problem. In many cases that I see, people are simply in denial about their problem. They think that as long as they are able to make minimum payments every month, they are OK. And then I find out as I continue to talk to them that the only way they are able to make those payments is by borrowing from other credit cards. Well, it’s about time you face the reality that it is impossible to borrow your way out of debt! Yes, you heard me right! The more you borrow every month, you are just digging yourself a bigger hole and one of these days, you will be buried. It’s as simple as that.

Bankruptcy: Making the decision to end debt suffering

Sunday, 28 February 2010 20:14 Atty. Raymond Bulaon

IF YOU are like most people who are painfully struggling with debt problems, your mind may be filled with a lot of unanswered questions. How do I make sure that I am making the right decision? Is there a way out of this besides filing for bankruptcy? Isn’t filing for bankruptcy the worst thing that I can ever do to my credit? You’re interested in getting the right answers to these questions, aren’t you?

Unfortunately, there is so much misinformation about bankruptcy out there that a lot of people simply accept and believe without even finding out the truth for themselves. A lot of these misconceptions about bankruptcy are extremely damaging because they tend to be accepted blindly and without question especially if they come from well-meaning friends and family members. You’d be surprised to find out that even though your loved ones care a lot about you and are concerned about your debt problems, they are often the WORST source of bankruptcy advice!

Random thoughts on Money and Happiness

Wednesday, 17 February 2010 00:19 Atty. Raymond Bulaon

I READ an article this morning about a multi-millionaire who decided to give away everything he had, right to the last penny. According to the story, this man had it all- a luxury villa by the lake, a 42-acre estate and all the "toys" most wealthy people have, you name it. His total fortune? $4.7 million dollars! But instead of being happy, this man says that his wealth has actually made his life miserable!

What’s wrong with this picture? Like most people, your first reaction is probably, "Is this person crazy? Why in the world would anyone give away that much money when to most people who are struggling, wealth always seems elusive?" It just doesn’t make sense". But listen to what he says: "For a long time I believed that more wealth and luxury automatically meant more happiness. After a while, I felt I was working as a slave for things I did not wish for or need." After getting rid of some of his possessions, he said that for the first time in his life, he started feeling "free".

Are your credit card debts forcing you into bankruptcy?

Tuesday, 09 February 2010 18:59 Atty. Raymond Bulaon

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.

Can you survive your debt problems?

Tuesday, 02 February 2010 21:19 Atty. Raymond Bulaon

AS WE continue to go through turbulent economic times, a lot of people are in a state of panic and anxiety. Thousands of families are overwhelmed with the difficult choices and situations that they face. 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?" Most people are living paycheck to paycheck with zero savings and they barely have enough to put food on the table and keep the lights on.

Personal debt from mortgages, credit cards and other loans has surged and a lot of people have borrowed more than they can pay back. Are you one of these people? Maybe you have been using your credit cards just to survive, hoping that things will turn around soon. But even credit card companies these days are no longer lending money as they used to. They are reducing credit lines and closing inactive accounts to reduce their risks. A few years ago, people used to be able to refinance their mortgage and cash out their home equity every time they needed the extra cash to keep them afloat. But those days are gone and we probably won’t see them again for a long while.

Facing the pain and agony of debt

Tuesday, 26 January 2010 20:16 Atty. Raymond Bulaon

A CLIENT of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The "pre-approved" credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long as they allow you to pay in installments, just charge it. When the time came he was able to save a little bit of money for a down payment on a house, he purchased the biggest house he could buy because the bank gave him an "interest only" loan for 5 years. Of course, he also had to buy a nice car to go with the house- it looked great in his driveway. He thought he was living the "American Dream".

Everything seemed OK until one day, my client lost his job of 15 years. He thought he "owned" everything he had until he found himself scrambling just to keep from losing it all. That’s when reality hit him like a ton of bricks. He realized that he actually owned NOTHING and that the banks actually owned EVERYTHING. The moment he could no longer pay, they took everything away.

Get out of debt, simplify your life

Tuesday, 19 January 2010 23:40 Atty. Raymond Bulaon

DO you want to simplify your life, reduce stress and regain control over your financial future? If you are one of the millions of people in this country who are drowning in debt, maybe you are feeling a sense of urgency and desperation about your situation but don’t know what to do.

We are living in a society afflicted with "affluenza"- defined as a painful, contagious, socially transmitted condition of overload, debt, anxiety and waste resulting from the relentless pursuit for more. Perhaps you recognize the symptoms. Today, our worth is defined by the financial success we achieve and the material possessions we accumulate. Our pursuit of the "American Dream" has caused an epidemic of stress, overwork and excessive indebtedness, in my opinion. We want big houses, expensive cars, big screen TV’s and all the latest toys and gadgets, hoping that having all these things will make us happier. The media, of course, constantly bombards us 24/7 with advertising messages reinforcing this idea.

Last Updated ( Wednesday, 20 January 2010 00:22 )

Help! I know I need to file bankruptcy but...

Tuesday, 12 January 2010 22:49 Atty. Raymond Bulaon

QUESTION
PERHAPS you’ve considered filing bankruptcy but in the back of your mind, you have one or two questions that you’ve always been afraid to ask. In counseling thousands of people over the years in my practice as a bankruptcy attorney, I have found that most people have the same fears and concerns about bankruptcy. From experience, I have found that the following issues often stop them from making a decision to go forward in spite of the fact that they know and realize that bankruptcy is their only way out of debt. In this article, I will try to address most of them.

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