Bankruptcy: Why suffer in debt when the law provides a remedy?

Bankruptcy: Why suffer  in debt when the law  provides a remedy?

HAVE you heard the story of a poor, old beggar who died one day- and to everyone’s amazement, a money belt found wrapped around his waist contained thousands of dollars in cash?

Apparently, he had found the money belt one day while rummaging through trash. He decided to keep it but never realized that it contained a compartment where the cash was hidden.  Thus, the poor, old beggar lived the rest of his days in poverty, not even knowing what he had.  Had he known about all the money he had in his possession, perhaps he could have been spared from all the suffering he continued to experience for the remainder of his days.

The story of this poor, old beggar comes to my mind when I see how many people continue to suffer needlessly in debt when the law provides a remedy for them to change their financial situation for the better.  Not knowing what options are available to them, they continue to suffer day in and day out, wandering aimlessly through life like a ship without a rudder. If you are in debt and the mere idea of filing bankruptcy makes you cringe in horror, it’s not as bad as you think.  If appropriate for your situation, it could actually be a big turning point in your life.

The legislative intent of Congress in passing our bankruptcy laws is to allow a fresh start to those honest individuals who have found it impossible to cope with debt problems. Because life is not perfect, Congress realized that a person who needs to recover financially after experiencing serious debt problems should at least be given a chance to do so.  This concept of a “fresh start” is the foundation of our bankruptcy laws and has become an integral part of our economic system and our society.

Because money affects almost all areas of our lives, money problems can have an extremely devastating effect on the family, our most fundamental social structure. It is probably fair to say that it is the families of this country that ultimately benefit from the protection afforded by our bankruptcy laws. Can you imagine how many families suffering in debt could possibly be out in the streets right now if it weren’t for the “fresh start” that our bankruptcy laws provide?  For parents with dependent children, the challenges presented by insurmountable debt problems are even bigger because ultimately, the children’s welfare may be at risk.

So bear in mind if you are considering bankruptcy as a possible solution to your debt problems that the purpose of our bankruptcy laws is to make financial recovery attainable as soon as possible to those who need it.  Of course, this does not mean that filing bankruptcy is always the solution to every financial problem.  Your bankruptcy lawyer must carefully review your situation, weigh the pros and cons, and make appropriate recommendations.

When filing, there must be a clear objective and the chances of success for the type of bankruptcy being filed must be assessed.  Is it your objective to eliminate debts you can no longer afford to pay or do you simply need to consolidate your debts to make them more manageable?  Are important legal rights or your assets at stake?  What can be done to protect them and at what expense?  These are some of the questions that must be answered.

If you would like to explore bankruptcy as possible option in getting out of debt, please call TOLL FREE 1-866-477-7772 to schedule an appointment.  We have offices in Glendale, Cerritos and Valencia.

* * *

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. 

 

TOP
Email Email  |  Print Print
No
Comments

Leave a Reply