A LOT of people in debt are in denial about their situation so they go about their lives pretending that everything is OK- until one day they find themselves in a financial emergency. Most debt problems don’t go away on their own, especially if the creditor is able to file a lawsuit, obtain a judgment and then enforce that judgment through different means- putting a lien on your property, garnishing your wages or cleaning out your bank account. If property is involved, the property may be repossessed or foreclosed upon by the creditor.
If you are painfully struggling with debt problems, your mind may be filled with a lot of unanswered questions. How do I make sure that I am making the right decision? Is there a way out of this besides filing for bankruptcy? Isn’t filing for bankruptcy the worst thing that I can ever do to my credit? You’re interested in getting the right answers to these questions, aren’t you?
Unfortunately, there are a lot of bankruptcy “myths” out there that a lot of people simply accept and believe without even finding out the truth for themselves. A lot of these misconceptions about bankruptcy are extremely damaging because they tend to be accepted blindly and without question especially if they come from well-meaning friends and family members. You’d be surprised to find out that even though your loved ones care a lot about you and are concerned about your debt problems, they are often the WORST source of bankruptcy advice!
For example, a lot of people ask me if they will ever be able to buy a house again after filing bankruptcy or if their credit will ever become “normal” again. Well, first of all, what does “normal” mean to you? In a lot of instances that I see, people already have a damaged credit rating with late payments, lawsuits, judgments or tax liens that are showing up on their credit report. And here they are asking if bankruptcy will “damage” their credit report! Believe it or not, when you have a lot of the negative items I mentioned above, you may actually have a better chance of improving your credit by filing for bankruptcy now and then starting over to rebuild your credit. Fact: Banks prefer to see that you have no more debts (after filing for bankruptcy) instead of seeing all the derogatory items on your credit report that continue to be reported month after month by your creditors because you are not paying your bills. Does that make sense?
Another situation I see quite often is where people owe so much in credit card and other debts and they hardly have enough income to cover all their living expenses and still make their debt payments. As a result, these people have fallen behind in all their debt payments and a lot of their accounts have been turned over to bill collectors or lawyers for collection. In some cases, creditors are either threatening to sue or have already sued and obtained a judgment. Of course, as I explained above, once a creditor obtains a judgment, a wage garnishment, bank levy or both are soon to follow. Most people are very intimidated by the legal process and don’t do anything about their problem until they reach the point of desperation.
Sooner or later, you will need to face your creditors and eventually need to do something about your problems. Why not do it now before your situation gets worse? If you are thinking about filing for bankruptcy but need more information about it in order to make an informed decision, it’s important that you first consult with an experienced and knowledgeable attorney who can help you make that decision, is it not? Imagine how good you’ll feel when you can finally breathe better knowing that all your debt suffering is finally over.
If you need to get your financial house in order, we can help you evaluate your options. If right for your situation, filing for bankruptcy to stop the vicious cycle of borrowing (while protecting what you’ve worked so hard for) can turn your situation around for the better. For a free consultation, call my office at Toll-Free1-866-477-7772 and request a free attorney consultation. 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.