A LOT of people who are in over their heads in debt think of filing bankruptcy as their last resort. But they are afraid that they might be making the wrong decision. After all, filing bankruptcy is not something that you do every day.
Well, to address that concern, I’d like to first acknowledge the fact that the decision to file bankruptcy is not something that you should take lightly. Why? Because unless you speak with a knowledgeable and experienced bankruptcy attorney who will take the time to sit down with you and fully evaluate your case, you will never know whether filing bankruptcy will work for or against you.
There are several things to be considered carefully: (1) Are there other options besides bankruptcy? (2) What type of bankruptcy will help you achieve your goal? (3) What types of debts do you have? (4) Are there any assets that may be at risk? (5) Are there any foreseeable changes in income in the near future? (6) How does it impact credit and future financial goals? (7) How does it fit in your long-term financial planning (8) Will the advantages to be gained outweigh any possible disadvantages?. This list is not conclusive but is a good start when discussing the bankruptcy option with an attorney.
A lot of people have a negative concept of bankruptcy. It’s mostly because of what they have heard from other people. They think that filing bankruptcy means that they will automatically lose everything that they have. This is ridiculous because the truth is that most people keep 100% and lose nothing when they do things right. So forget what you may have heard about bankruptcy. Don’t believe it until you have actually spoken with an attorney who can advise you properly on all the legal aspects of your situation.
One of the best things you can do for yourself to avoid making a mistake is by arming yourself with the knowledge that you need to make an informed decision. Ask a lot of questions but make sure that you are also willing to change your old way of doing things or otherwise, you will remain stuck where you are. The worst thing that can happen to you if you are in debt is to suffer NEEDLESSLY due to lack of knowledge and information when the very thing that you need to make your life better is right under your nose.
Bankruptcy is certainly not for everyone. But after representing more than 5,000 clients in bankruptcy over the last 20 years, I have seen the dramatic improvement it has made in many people’s lives. Many marriages have been saved and thousands of my clients have been able to turn their financial situation around by getting the relief that they need from our legal system. Is it for you? It may or may not be but if it is, there is no reason to be afraid of it. Our laws were made to protect you, not to hurt you.
If you have made mistakes in the past that have caused your current situation, there is no reason to be depressed or discouraged. There is hope for you! Call my office and I will help you figure out the best solution for your situation. For a free CONFIDENTIAL attorney consultation, please call Toll-Free 1-866-477-7772. We have offices in Glendale, Cerritos and Valencia.
* * *
None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.