Asian Journal- The Filipino-American Community Newspaper

With all the recent news about the crisis on Wall Street and the multi-billion federal bailout, the big question you’re probably asking is: “What does any of this mean to me personally and for my own debt problems?”  After all, how can you be worried about the crisis on Wall Street when you are too busy worrying about the financial crisis in your own home? This is what I’ve been hearing from most of the people who have come to our office recently for financial advice.

When the rumors first came out that Uncle Sam was coming to the rescue with $700 billion in hand, a lot of people became optimistic that this can somehow have a positive impact on their personal situation. After the final bill was passed, however, it became immediately apparent that bailout does very little to stop the 6.5 million foreclosures that are expected to occur in the next few years. Instead, the harsh reality is that the bailout bill is nothing but a bailout of the banks and financial institutions and their highly paid executives, the same institutions who created this huge financial disaster. Frankly speaking, that makes me angry because the millions of families that have been pushed to the financial brink by the greedy lenders who have caused this problem get to be rescued by the government while these poor, struggling families get nothing.

Take the proposal by some Democrats to include in the bill some changes in bankruptcy laws that would permit judges to modify home mortgages in order to make them more affordable for bankrupt families. Advocates for these changes said that this could have helped as many as 75 percent of struggling homeowners. But, no, it didn’t happen. What about the proposed foreclosure moratorium- at least a temporary suspension in foreclosures, say 3-6 months, to at least provide a little breathing room for banks and borrowers to work out loan modifications? No, sorry again, but we didn’t see that in the final bill either.  Thus, for many people who are living paycheck to paycheck and struggling just to keep their head above water, it can be extremely frustrating to hear about a $700 billion bailout for the industry whose CEO’s make millions, while these people can’t even make it to next payday.  Sad to say, the crisis on Wall Street has drawn attention away from the real problems that millions of families face today but these are serious problems that cannot simply be ignored.  I believe that the government needs to do more and act swiftly to respond to this deepening crisis or the continuing foreclosures will drag down the economy even further.

If you are facing your own personal financial crisis and need immediate help, don’t sit around and wait for the government to bail you out because it’s not going to happen (Pardon my bluntness but it’s the truth.) Instead, you need to take matters into your own hands and act now before you run out of time. Maybe you’re in foreclosure, struggling with unpaid bills, lawsuits, judgments, bill collectors or a combination of the above. There is no doubt we are facing difficult times and a lot of people are afraid of what the future holds for them. But instead of letting fear stop you from taking action, you need to be realistic and see things as they are instead of being in denial. Maybe you just need to put the past behind you and start over. Let me evaluate your situation and recommend possible solutions. For a free office consultation, call Toll-Free 1-866-477-7772.  We have offices in Glendale, Cerritos and West Covina.

(None of the information herein is intended to give legal advice for any specific situation.  Atty. Ray Bulaon has successfully helped over 4,000 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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