[COLUMN] Bankruptcy: How federal law can help you get a fresh financial start in 2022

I remember the story of a poor, old beggar who died one day – and to everyone’s surprise, a money belt found wrapped around his waist contained thousands of dollars in cash. Apparently, he had found the money belt while digging through trash, decided to keep it but never really opened it.  Thus, he lived the rest of his days without even knowing what he had.  Had he known about what was available to him to alleviate some of his suffering, his life could have been a little better.

The story of this poor, old beggar comes to my mind when I see how many people continue to suffer needlessly in debt when the law provides a remedy for them to change their financial situation for the better. By saying this, I realize that some people may accuse me of being biased in favor of bankruptcy because I make my living as a bankruptcy attorney. I urge you, however, to keep an open mind at least for a moment as you read this article.  What I hope to accomplish here is to help you understand that the purpose of our laws is actually to help and not hurt people.  So please stay with me here for a few minutes.

The legislative intent of Congress in passing our bankruptcy laws is to allow a fresh start to those honest individuals who have found it impossible to cope with debt problems. Because life is not perfect, Congress realized that a person who needs to recover financially after experiencing serious debt problems should at least be given a chance to do so.  This concept of a “fresh start” is the foundation of our bankruptcy laws and has become an integral part of our economic system and our society.

Because money affects almost all areas of our lives, money problems can have an extremely devastating effect on the family, our most fundamental social structure. It is probably fair to say that it is the families of this country that ultimately benefit from the protection afforded by our bankruptcy laws. Can you imagine how many families suffering in debt could possibly be out in the streets right now if it weren’t for the “fresh start” that our bankruptcy laws provide?  For parents with dependent children, the challenges presented by insurmountable debt problems are even bigger because ultimately, the children’s welfare may be at risk.

So bear in mind if you are considering bankruptcy as a possible solution to your debt problems that the purpose of our bankruptcy laws is to make financial recovery attainable as soon as possible to those who need it.  Of course, this does not mean that filing bankruptcy is always the solution to every financial problem.  Your bankruptcy lawyer must carefully review your situation, weigh the pros and cons, and make appropriate recommendations.  When filing, there must be a clear objective and the chances of success for the type of bankruptcy being filed must be assessed.  Is it your objective to eliminate debts you can no longer afford to pay or do you simply need to consolidate your debts to make them more manageable?  Are important legal rights or your assets at stake?  What can be done to protect them and at what expense?  These are some of the questions that must be answered.

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NOTE: Due to COVID-19 pandemic, I am offering free consultations BY PHONE to anyone who needs help in dealing with their debt problems.

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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 5,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call RJB Law Offices at TOLL FREE  1-866-477-7772.

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