[COLUMN] Can bankruptcy change your life for the better?

AS a bankruptcy attorney, I am often asked: “How will filing bankruptcy change my life?”

I think people ask this question because of the negative things that they may have heard about bankruptcy from their friends, family, co-workers, and neighbors. They think that a bankruptcy means that they will be forever looked upon as outcasts in our economy.  So instead of focusing on the benefits and advantages of getting out of debt, they tend to focus more on the possible downside. Of course, the decision to file bankruptcy is never to be taken lightly, but if appropriate for your situation, it may be the very solution that you need to put the past behind you and move on to bigger and better things in your life.Again, while bankruptcy is not for everyone, millions of people who have no way of ever getting out of debt have found it to be the BEST thing that they ever did to start over. It has proven to be lifeline for people who have found themselves in a financial situation from which they could no longer extricate themselves. Yes, debt can be a huge trap for many, and when you don’t have sufficient resources to pay your debts every month while maintaining a fair standard of living, you often have no choice but to continue borrowing just to survive. This can become a vicious cycle where you find yourself getting buried deeper in a financial hole that keeps getting bigger and bigger. Bankruptcy could be the tool that you need to prevent yourself from being buried in a mountain of debt.

If you can pay your bills, YOU SHOULD. But if you have done your absolute best but have reached that point where nothing short of filing bankruptcy can help, bankruptcy could be a big turning point in your life. Bankruptcy gives you the opportunity to erase the past, learn from whatever mistakes you have made, and start over. Where would most of us be today without being given a second chance?  That’s exactly what bankruptcy provides- another chance to rebuild your finances, your credit, and your life.

There are a lot of positive changes that can come out of filing bankruptcy. First is peace of mind. How about a good night’s sleep for a change? If you have creditors who are constantly harassing and calling you, the instant relief that bankruptcy brings allows you to breathe, think, and feel like a human being again.  If creditors are threatening to take what little you have, bankruptcy can also protect everything that you’ve worked so hard for, and you can sleep better at night knowing that creditors are not going to be able to carry out their threats.

Once you’re relieved from the burden of debt, your future can be exciting again. Regaining control of your finances is only a first step. Once you are debt-free, perhaps now you can plan for your retirement, your children’s education, or start saving again. You can stop living your life aimlessly without a financial plan. Life after bankruptcy depends on what you do after the law has given you that second chance you badly needed to recover and rebuild your life.

* * *

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

* * *

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.

(Advertising Supplement)

The Filipino-American Community Newspaper. Your News. Your Community. Your Journal. Since 1991.

Copyright © 1991-2024 Asian Journal Media Group.
All Rights Reserved.