[COLUMN] How bankruptcy helps when you can’t pay your bills

When your financial circumstances are forcing you to declare bankruptcy, bankruptcy can be one way of dealing with debts that you can no longer manage on your own.  Of course, the decision should not be taken lightly, and it is best to consult with an experienced bankruptcy attorney to see if it is best for your situation.

The truth is that filing bankruptcy is no longer the taboo that it used to be when people were less informed about the legal process. Now with information readily available on the internet, people can educate themselves much faster and can do their own “research” to get some general ideas about bankruptcy before they even see an attorney.

In our current economy, I’m sure you know someone in your family or perhaps at work who had no choice but to file bankruptcy to save their home, reorganize their finances or simply to wipe out their debts and start all over again.

Did you know that every year, hundreds of thousands of people in the United States file bankruptcy to take advantage of the fresh financial start that the law provides to those who are eligible for relief?  Contrary to what creditors may lead you to believe, these are honest, hard-working everyday people just like you who simply got buried in debt with no other way out.

Bankruptcy is never a fun thing to do or just an easy way out for people who simply want to run away from their obligations. The fact is that most people want to do the right thing and pay their creditors, but their situation has gotten so bad that without bankruptcy, they would simply be trapped in debt forever.  Thus, with no means to pay their debt, it may be their only chance of ever recovering financially.

Can you just imagine what would happen if someone was hopelessly buried in debt with no way out and creditors were just breathing down on this person’s neck every single day? If he works, creditors can garnish his wages. If he puts what little money he has in the bank, creditors can levy his bank accounts. If he decides to purchase a home, they can put a lien on the home.  He can’t even answer his phone and is always afraid to open his mailbox. Every time someone knocks on the door, he cringes in fear thinking that he’s being served a lawsuit.

If you were in this situation, you would almost feel like a criminal with no chance of ever rebuilding your life and learning from your mistakes.  So, a long time ago, Congress decided that there had to be away for people in this situation to be able to get back on their feet financially when no other options exist.  So, that’s how the bankruptcy laws started, you see.

Of course, they’ve evolved over the years to keep up with the changing times, but the concept remains the same:  The honest debtor who got in too deep in debt is given a fresh financial start free from the burden of debt so he can be a free person again!  Wow!  Thank God we have laws like that in this country. What a blessing, don’t you agree?

Again, bankruptcy is NOT for everyone and people who can pay their bills should do so. But if you’ve tried everything and your best is just not good enough, remember that you may be eligible for relief under our bankruptcy laws.  It may not seem like it but the legal process does work and it can work for you if you want it to!

Starting over after bankruptcy is not going to be a walk in the park, but it’s also not as bad as most people think.  Never lose hope! Rebuilding your credit and your life will take some effort and strategy on your part but it is not impossible.  You can turn bankruptcy to your advantage and regain control of your life.

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The opinions, beliefs and viewpoints expressed by the author do not necessarily reflect the opinions, beliefs and viewpoints of the Asian Journal, its management, editorial board and staff.

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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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