[COLUMN] When bankruptcy is the best solution: What you need to know

Considering bankruptcy is often the last option for most people in attempting to resolve their debt problems. Realizing the conditions for bankruptcy, the kinds of debts that may or may not be discharged, as well as the effects it can have on one’s credit report, may help people make the right decision when considering bankruptcy.

Perhaps you’ve been advised by a bankruptcy attorney that it is your only way out of debt but somehow, you’re still not ready to face that reality. I understand your reluctance. You may feel embarrassed to admit that your finances are out of control. There may be feelings of guilt for the things you did that led to your present situation. Some people even feel that filing bankruptcy is an admission of failure and that is not something they are willing to accept. All these feelings are normal for anyone going through difficult financial times but let me tell you that none of these things are what bankruptcy is really all about.

See, the government has provided a means for people who have too much debt to obtain a new start by eliminating the heavy burden that their debt has caused. The laws are not intended to be an easy way out for people who simply want to take advantage of the system. Rather, it is for honest debtors who want to pay their creditors as much as possible but simply lack the ability or resources to do so. Thus, when you have too much debt and little hope of being able to reduce the debt on your own, filing bankruptcy may be your best alternative.

People find themselves saddled with debt for a million different reasons.  Common reasons for finding yourself with spiraling debt include having too many credit cards with high interest rates, loss of employment, disability, and sometimes, simply living beyond your means. These are facts of life.  No one is perfect and sometimes we simply make bad decisions that can lead to serious debt problems. Having to file bankruptcy doesn’t mean that you are financially irresponsible. It only means that circumstances have led to unmanageable debt.

It can be thoroughly miserable to be drowning in debt. You may even fear getting your mail out of the mailbox because of the constant collection letters that you receive. The collection calls are stressful and are making you very nervous about what creditors may do next. No matter how much you pay on high interest credit cards, the interest keeps the balance growing. Your credit has already been ruined by late payments, and there seems to be no hope.

A lot of people tend to over-analyze their situation to the point that they feel their head is about to explode just thinking about their financial problems.  They have thought of all the bad things that could possibly happen to them if they file for bankruptcy without realizing that all their fears are unfounded. They lose sight of the fact that they are actually worse off remaining where they are instead of taking action to change their situation for the better.

It is impossible to live a normal life when debt is uncontrollable. If you are in debt and don’t know what to do, take action by consulting with a competent bankruptcy attorney who can help you decide if bankruptcy is right for you. The purpose of filing bankruptcy is to help you start over again by eliminating or reducing the debt you owe. Its purpose is to give you a chance to begin again with a clean slate.

Let me evaluate your situation and help you explore all possibilities. For a free consultation, call Toll-Free 1-866-477-7772..

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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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