ARE you worried about not being able to take care of your family’s needs because of your debt problems? No one ever wants to be in this situation but I see it every day in my work as a bankruptcy attorney.
When you are overwhelmed with debt problems, the situation becomes even more challenging when you have a family that are counting on you for financial support. Your paycheck may not even be enough to pay for basic living expenses like mortgage payments or rent, food, clothing, etc., let alone pay your monthly debt obligations.
When you have to choose between paying your debts and meeting your family’s financial needs, that’s when you have a dilemma in your hands. You want to do the right thing by meeting your financial obligations but you also realize that you need to put family first before anything else.
A lot of people wait too long to take action when they have bill collectors pursuing them. For a while, they ignore the phone calls and the letters, thinking that somehow their creditors will just give up and go away. Well, they may for a while but when collection efforts become more serious, you can get hit with a lawsuit. Once a lawsuit becomes a judgment, the creditor can then garnish your wages or levy on your bank accounts.
I had a couple come to our office and this is exactly what happened. They were sued by American Express for $11,000 on a credit card account, which they ignored for a long time. They moved a couple of times since they fell behind on the debt so they thought that since the creditor no longer knew where they lived, they could just hide and ignore the bill. Lo and behold, checks that they wrote from their bank account started bouncing and they didn’t know why. Their bank then told them that their account has been wiped out by a bank levy. Their paychecks and what little reserve they had in the bank (a total of about $9,000) all gone in one day! Now, they couldn’t even afford to pay their mortgage this month. Do you see how things can just easily snowball and get out of control unless you take action to stop problems from getting worse?
Don’t let this happen to you. If you have debts in collection, don’t bury your head in the sand pretending that these debts don’t exist or you may be in for a rude awakening. I am not saying this to scare you into filing bankruptcy. In some cases, bankruptcy may not be your only solution. I am saying this so that you can at least find out what your options are before it’s too late if your debt problems are putting your family’s welfare at risk. You owe it to them and yourself to protect your income and everything that you’ve worked so hard for.
A lot of families in debt are unable to save even a small amount of money every month because all of their disposable income is used to pay their debts. They zero savings which forces them to borrow even more just to meet any unexpected emergencies. Of course, this makes their situation worse because they’re already overextended as it is and they just keep on piling more debt that they cannot repay. It’s a vicious cycle and at some point, they will no longer be able to borrow and will be forced to file bankruptcy.
If any of the above speaks to your current situation and you don’t know what to do, I can help you figure out the best solution for your situation. For a free attorney consultation, please call Toll-Free 1-866-477-7772. 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.