[COLUMN] Filing bankruptcy to eliminate credit card debt

DO you have sleepless nights worrying about your credit card debts?  Are you feeling hopelessly trapped with no way out?

If you are up to your eyeballs in credit card debt and have no way of paying back what you had borrowed, a lot of things may be going through your mind at the moment. You may be feeling ashamed, helpless, confused, or even angry.

Perhaps you’ve heard of bankruptcy and how it may help you obtain a fresh financial start, but you think that this option may be too drastic for you.  Or maybe just the thought of going to a lawyer’s office to discuss the possibility of filing for bankruptcy is enough to send chills down your spine. I feel your pain.

Listen to me! You can relax and get over your fear.  I mean it.

First of all, it’s not the end of the world.  At one time or another, we all face financial difficulties in life so you’re not alone. But it is important for you to at least explore all available options instead of making a rash decision. In some cases, bankruptcy may be your only solution. In other cases, it may be the worst thing you can do.

When appropriate, bankruptcy is a legal remedy that allows you to either discharge (wipe out) debts that you can no longer pay or at least restructure (consolidate) other problem debts.  Sometimes, all people need is time to get caught up after having fallen behind in payments.  For example, if you are in danger of losing your home or your car (How are you going to work if you lose your vehicle?), bankruptcy may help you stop the creditor from taking legal action.

The reason that I am writing about credit cards in this week’s article is because this type of debt seems to be the most common. In many instances, people have simply charged more on their credit cards than they are able to pay back, and this could have serious consequences.

Creditors may sue and obtain a judgment. They then enforce the judgment by placing a lien on your property or garnishing your wages.  A lot of people feel embarrassed about being called at work by bill collectors and they fear that this may cause them to lose their job.  Bill collectors are often rude, obnoxious and abusive and their only job is to make your life miserable so you can cough up the money to pay them.

Filing bankruptcy immediately stops creditor harassment and for once, you are able to breathe again and clear your mind.  Being in debt is very stressful.  It can destroy marriages, family and business relationships.  The stress can affect your health and your peace of mind. People who are in debt often feel alone, helpless and because they are embarrassed about their situation, they don’t even tell others about their problems or seek legal help until it’s too late.

But again, the question remains: Is it the right solution for you? I don’t know- until I know more about your situation. And only then can I give you my best and honest recommendation. If bankruptcy can be avoided, I will point out other alternatives that may be available.

* * *

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 © 1991-2022 Asian Journal Media Group. All Rights Reserved.

PRINT EDITION ONLINE