WHEN people are going through financial difficulty and are unable to pay their bills, their first reaction is often to ignore their debts and avoid contact with creditors. They think that by doing this, somehow the creditors will simply give up and go away. Bad news: This rarely works.
Then one day they get a summons delivered to their home or work and that’s when they start to panic after learning that they’ve been sued. The next step of course is a wage garnishment, a bank account levy, a lien against their real property or any combination of the above. That’s when they rush to see a bankruptcy attorney to find out what can be done to protect themselves.
Painful consequences can result from non-action. But I do understand that sometimes, people just get so overwhelmed with their problems that they are paralyzed by fear. The fear of the unknown, the fear of making changes in their lives or sometimes, , the fear of making those difficult decisions that they’ve been avoiding to make. I know because I see it all the time. But the reality of it is that if there are dreadful consequences to not facing your debt problems, you will either face them now or later, it’s just a matter of time.
So how do you start to tackle the problem when it seems so enormous that you almost feel like giving up before you even start? How do you get out of debt if you are currently feeling trapped in your situation with no way out?
There basically only 4 ways to get out of debt if you’re on the verge of insolvency: (1) increase income so you can start paying larger amounts on your debts to hopefully avoid filing bankruptcy, (2) reduce expenses so that you can increase your disposable income and have more money available for debt repayment, (3) Convert assets you don’t need into cash and use the money to negotiate with creditors, and (4) File bankruptcy to wipe out debts or consolidate your bills (This requires filing either a Chapter 7 or a Chapter 13).
If you’re feeling paralyzed by debt and can’t think clearly at the moment, you need a good attorney who can properly evaluate your situation and recommend possible solutions. The first thing you need to do when you don’t know what to do is to realize that sometimes, you cannot do it on your own. There is nothing wrong with getting legal help. The sooner you get help, the sooner you would be able to protect your home, your job, your car, your bank account and other assets. For more information and to schedule a free consultation, please call Toll-Free 1-866-477-7772. We 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.
