PEOPLE come to me every day with different reasons for getting out of debt. Most of the time, I’m thinking that they would have been better off had they come to me sooner to get help. Had they done this, they’d be doing a lot better by now and could have avoided a lot of financial pain. But everyone has their reasons- and their own story of why waited too long. Often the reasons are lame and don’t even make sense. For example, one client told me: “I figured if I didn’t pay, that’s their loss because they refused to work with me.” Huh? Of course, now he’s in my office because his wages got garnished by a creditor just the day before so he can’t pay his mortgage this month.
Because money is a personal issue, I find that most people find it uncomfortable to tell others about their problems for fear of being judged. What would their friends and family think if they find out that they are having debt problems? Of course, some friends and family members are too quick to give their insensitive comments or opinions about other people’s problems…as if they have never had debt problems themselves at one time or another!
Debt problems can be suffocating. I see people all the time who have been trying to pay off their credit cards for years only to realize one day that truth be told, they will never get out of debt in their lifetime. The interest rates are outrageous and most people are living paycheck to paycheck so they can only afford to make the minimum payments, if that. So they think that as long as they are making the minimums, they are “OK”. But unless they see the reality of being indebted for as long as they live, they will not do anything about it.
And then there are those people who have just ignored their debt problems for so long that they think that somehow those debts have just magically disappeared. In California, the credit card companies have 4 years to sue from the time you stopped paying or otherwise they may be barred by law from suing. But what if they have gotten a judgment against you? Judgments are good for 10 years and they are also renewable every 10 years. So a creditor who has obtained a judgment against you several years ago may not have contacted you recently but it doesn’t necessarily mean that you no longer owe. You may want to check your credit report to see what debts are still being reported and this may give you an idea of where you stand on the debts that you’ve ignored for so long.
Are your debts depriving you of good credit or a good financial future for yourself and your family? This realization should be a good enough reason for you to seek help and find out what your options are. Maybe you’ve tried very hard on your own to do the right thing and pay your debts but they have gotten to that point where they are no longer manageable. Bankruptcy may or may not be an option. Perhaps you can also call creditors and settle your debts once and for all so you can start building your credit and your finances again. Procrastination could be your worst enemy. But remember that nothing happens unless something moves! Take the first step. It’s all up to you.
For a free consultation, call my office at Toll-Free 1-866-477-7772 and we will help you step by step in finding a solution that’s right for you. We have offices in Pasadena, Valencia and Cerritos.
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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.