CONTRARY to what others may think, the majority of people who file for bankruptcy are honest, hard working people who simply need to get a fresh financial start. Because life is not perfect, there are times when we are so way in over our heads in debt that filing for debt relief becomes unavoidable. Filing for bankruptcy is NOT a crime. If it was, our Congress would not have passed laws that allow people to do it. Our bankruptcy laws, although they have changed to keep up with the changing times, have been with us for many decades and it is safe to assume that they will always be an important part of our legal system.
The “fresh start” concept of Bankruptcy is based on the idea of forgiveness. The honest debtor who either has limited or no resources to pay back creditors is given a chance to start a new life free from the burden of debts. If you’ve ever been in a situation in your life where you have fallen behind on debts and you are being harassed by creditors day and night, you know what I mean.
And although some creditors may agree to work with you while you’re going through a time of temporary financial hardship, in most cases the time that they give you is too short to be of any real help. And once you start falling behind, it gets harder and harder to catch up with each passing month because your bills begin to “snowball” in a very short period of time. Some people erroneously believe that even if they fall 60-90 days behind on debt payments that they will retain their good credit standing with creditors. Remember that once late payments are recorded on your credit report, whether 30, 60, 90 or more days being late, that negative information stays on your credit report for 7 years from the date last reported. Most people who file bankruptcy already have a tarnished credit rating due to delinquent payments. In the long run, filing bankruptcy can actually help rebuild your credit. And it doesn’t take that long to rebuild credit, either. You’ve probably heard of people filing bankruptcy and then being able to buy a house in as little as 3 years.
Filing for bankruptcy protection can help you protect your home, car, bank account and other assets. In a Chapter 13 debt consolidation, even non-exempt assets can be protected as long as a fair plan is feasible to pay debts over 3-5 years. And if all or almost all of your debts are credit card debts, you can pay 0% interest, reduce your monthly payment to a very low amount (in a lot of cases, lower than 50% of what you are currently paying) and get out of debt in as short as 3 years. Filing for bankruptcy protection can also stop foreclosure on your home or other real property, perhaps eliminate a 2nd mortgage (to make your home more affordable), stop wage garnishments, bank levies and stop even the IRS if you owe back taxes. By consulting with a knowledgeable bankruptcy attorney, you may find out about options you didn’t even think you had.
So if you find yourself in a tight financial situation after being laid off from a job, being sick, going through a divorce, a failed business, a family or personal emergency costing a lot of money, or any other situation that was beyond your control, don’t lose hope and there’s no need to feel embarrassed about your situation. Instead, take action now by finding out if bankruptcy can help you get the fresh start that you need. To schedule an appointment with our office, please 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 over 4,000 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.