ARE you having trouble paying your bills every month? Are you being harassed by bill collectors who will not leave you alone no matter how many times you tell them that you have no money to pay? Are you worried about being sued by a creditor, losing your home or your car? Are you afraid of even answering your phone or going to your mailbox everyday?
I know how you feel. You may feel like the only person on the planet going through your current problems. The truth is you are not alone. A lot of people face a financial crisis at one time or another in their lives. Usually, the crisis seems overwhelming and a lot of people are either embarrassed to seek help or they become crippled with fear. But more often than not, this situation can be overcome. Yes, most debt problems do end- and life will go on. What is also true is that your current financial problems do not have to go on forever, unless you let them by not taking any action. Chances are if you don’t do anything, they will only become worse.
If you are currently in financial hot water, you may be wondering what options exist for you. Well, the answer depends on the types of debts you are faced with, your level of commitment in finding a solution, and your prospects for the future. In this article, I would like to suggest 2 steps you can take right now that can help you get right back on track:
Stop Creating New Debts- If you had a deep, life-threatening wound and were bleeding profusely, what must you do first so you don’t bleed to death? I am sure you know the answer. You need to stop the bleeding until help arrives! This may sound like common sense but believe it or not, a lot of people overlook the simplicity of this important first step in getting out of debt. Stopping the bleeding means that you should refrain from creating new debts if you are already up to your neck in existing debts! A lot of people also seem to think that they could simply borrow their way out of debt. So what do you think most of them do? That’s right! They use credit cards to pay other credit card debts hoping that somehow, they can survive until next pay day. This is simply foolish and will only put you deeper in the debt hole.
Seek Legal Help- Finding out what your legal options are before things get worse is smart planning. This is especially true if you have significant assets at stake such as a family home, money in the bank, other real property, etc. I am often puzzled as to why people wait until the last minute to see a lawyer to find out what they can do legally to protect themselves. For example, the other day, someone came to our office and told us that a creditor had levied on his bank account which contained his life savings of about $12,000. Apparently, this creditor had been after him for some time for an unpaid credit card balance. The creditor sued and obtained a money judgment. In other words, he saw this coming but never took any action to stop it. Unfortunately, it was too late to protect his life savings. Had he come to me much earlier, I would have been able to help him protect what he considered to be the only savings and retirement money he had.
The worst thing you can do when you are in debt is to pretend that your problems don’t exist. See, it is impossible to regain control of your situation as long as you remain “reactive” to things that happen to you. Be “pro-active” instead and get back into the driver’s seat before your life spins out of control.
If you need to get your financial house in order, we can help you find a solution. If right for your situation, filing for bankruptcy to stop the vicious cycle of borrowing while protecting what you have can turn your situation around for the better. For a free consultation, call Toll-Free 1 (866)477-7772. We have offices in Glendale, Cerritos, West Covina 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.