ARE you in debt and in a constant state of worrying about your financial situation? Perhaps like most people you live paycheck to paycheck and are barely surviving but you’ve made the mistake of borrowing more money than you can pay back. You’re not alone. This happens to a lot of people.
But worrying and not doing anything about your situation does not get you anywhere. Some people worry for months or years until they cannot take it anymore or something bad happens, like being sued or being served a wage garnishment at work. If you have old debts that you have ignored, keep in mind that creditors can still sue you if the debt is within the period allowed by law (called “statute of limitations”). So not hearing from bill collectors may be good news for now but it doesn’t necessarily mean that the debt has gone away. You should at least check your credit report and see which debts are still being actively reported as collection accounts.
If you are thinking of filing bankruptcy to end your debt problems once and for all, you may be hesitant to do so for fear that it may not be the right solution for you. And to a certain extent, you are correct. Filing bankruptcy is a decision that must be made only after you’ve had a chance to fully understand your options. While it is not for everyone, when done correctly and under the right circumstances, however, it could be the best decision you’ll ever make in your life.
Unfortunately, fear quickly paralyzes most people so instead of doing something right away, they tend to procrastinate. This can make things worse because ignoring your debt problems can only cause things to escalate. And if you have assets that are at risk (for example, a pending foreclosure or auto repo), creditors may be able to take your property away and you can lose your legal rights by default. Things can easily go from bad to worse by failing to act when you can. This is not what you want, is it?
How about putting the law to work for you? Filing bankruptcy can provide immediate debt relief, whether you’re eliminating debts you can no longer pay or simply reorganizing your finances so that you can pay your creditors slowly as you’re able. The law says that once you file, creditors must leave you alone immediately. This gives you some breathing room, allowing you think more clearly while trying to get back on your feet. Bankruptcy is nothing more than a tool that you can use for financial recovery.
Consult with an experienced bankruptcy attorney who can explain to you how bankruptcy may possibly work to your advantage. And if you come to the conclusion that it is in fact your only way out of debt, don’t drag your feet in implementing the solution. Keep in mind that the sooner you act to know your options, the sooner you will also find out if non-bankruptcy alternatives exist. Inaction can only worsen your problems, and you may find yourself having no choice but to file bankruptcy at the last minute in order to deal with lawsuits, garnishments, bank account seizures or liens against your property. Plan ahead of time so you’re not caught unprepared.
For the last 19 years, I’ve been helping people and business owners get out of debt. If you are in debt and have no clue what you should do next in order to change your situation for the better, I offer a free consultation. Call my office at 866-477-7772 for more information. I 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.
