[COLUMN] Filing bankruptcy: Sooner or later?

I WAS in line at the grocery store the other day and noticed the man in front of me smiling and looking at me as if he wanted to say something. I only had a couple of items in my hands, so he proceeded and asked: “Do you want to go ahead of me?”

I appreciated the gesture and thanked him. Then he said, “Your welcome, Mr. Bulaon.” I was surprised to hear my name from someone I didn’t recognize. He then proceeded to tell me that he was a past client of mine about 5 years ago. I was a bit embarrassed because I didn’t recognize him right away. After all, 5 years can be a long time and I’ve dealt with hundreds of clients in the past 5 years.

He continued: “I just wanted to thank you again for helping me and wife get through our bankruptcy. It was a very difficult decision for us to do it. We were so stressed out being in debt and we started fighting over our financial problems. You literally saved us not only from financial destruction, but you also helped saved our marriage. We realized that sooner or later, we had to file bankruptcy to start a new life. So, we did and we thank you so much for making it as easy for us as possible.”

I was happy to hear what he said because as a bankruptcy attorney, that’s what I try to do in every case I handle- to make a difference in my clients’ lives. I also found out that he and his wife had moved and recently bought a new home in Northern California. He said that they were just in town visiting for a couple of days.

The words he said, “sooner or later” comes to my mind as I write this article. There comes a time in a person’s life when their debt burdens become too heavy to bear that nothing short of filing bankruptcy can make things better. People realize that “sooner or later”, they need to make a decision, or they will remain stuck where they are.

I always tell people that bankruptcy is a serious decision to make and that while it does help a lot of people get a fresh start, it is, of course, not the instant solution to all debt problems. But when done right and appropriate for your situation, it could mean the difference between forever struggling in debt and having a more secure financial future for yourself and your family. Nothing can be worse than being financially devastated and not being able to recover from it.

Over the last 20 years now, I have counseled thousands and thousands of people who are seriously in debt. They know deep inside that they need to do something about their situation but the first step towards a solution always seems to be the hardest. So sometimes, they suffer NEEDLESSLY for years trying to do what they can with no success when they could have done something sooner to get the relief that is right under their nose.

A lot of people think that once they file bankruptcy, they will forever be a financial outcast and they will never be able to get credit again. But this is simply not true. Most people who file bankruptcy can regain their good credit standing in as little as 3 years and like my client in this story, would be able to buy a home which they wouldn’t have been able to do otherwise if they had remained in excessive debt. Most people can’t even save a couple of hundred dollars a month for a down payment on a home when they can’t even keep up with their credit card minimum payments. Go figure.

Fear of the unknown can sometimes be your greatest enemy if it paralyzes you to the point that you don’t take any action to change your life for the better. But it doesn’t have to be this way. Most of the fear disappears when you begin to understand that bankruptcy laws were created to help you, not to hurt you and it is not as bad as what you may initially think. Once you’ve reviewed the pros and cons and can make an intelligent decision based on that information, imagine how your life could change by finally getting that monkey off your back.

My office can provide you a free confidential evaluation of your situation to determine whether Bankruptcy relief may help. If there are other alternatives to filing bankruptcy, I will help you explore them.

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NOTE: Due to virus safety concerns, I am offering free consultations BY PHONE OR VIDEO 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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