FIRST of all, you are not alone. I just read the news today and experts are warning us again about expected spikes in COVID cases for the rest of the year. I know this is downright scary and depressing especially considering that a lot of people everywhere seem to have already suffered enough since the lockdowns earlier this year. These are difficult times, and God help us.
What I’ve learned, however, not only from personal experience but from my experience as a bankruptcy attorney as well, is that it is best to confront things as they are, NOT as how we wish them to be. Because if we ignore the reality of our situation, sooner or later, we will suffer the consequences. Yes, it is difficult to even think and plan when you’re in a state of panic- and most people are dealing with a financial crisis such as this one for the very first time in their lives. It is OK to feel what you feel, but at some point, you need to start thinking of what you’re going to do for the coming months.
Are you in debt and in a constant state of worrying about your financial situation?
Perhaps like most people, you’re either relying on those EDD checks for survival. Or maybe you just live paycheck to paycheck working less hours and are barely surviving.
Some people have had to resort to using their credit cards for basic living expenses like rent, food, car payments, etc. For those who were able to get a temporary forbearance of payments from their mortgage lender and credit card companies, that period will soon end and you need to have a strategy on how you can eventually catch up.
Worrying and not doing anything about your situation will not change things for you.
Some people worry for a long time until they cannot take it anymore or until something bad happens, like being sued or being served a wage garnishment at work. This could be more embarrassing than admitting to yourself that you can no longer do it on your own and need legal help.
If you are thinking of filing bankruptcy to end your debt problems once and for all, you may be hesitant to do so for fear that it may not be the right solution for you. And to a certain extent, you are correct about having that fear as it is common to people who do not understand how bankruptcy works. Filing bankruptcy is a decision that must be made only after you’ve had a chance to fully understand your options. While it is not for everyone, however, when done correctly and under the right circumstances, it could be the best decision you’ll ever make in your life. As a matter of fact, it may be the ONLY thing that will help you survive this pandemic without using up all your savings and retirement money.
Unfortunately, fear quickly paralyzes most people so instead of doing something right away, they tend to procrastinate. This can make things worse because ignoring your debt problems can only cause things to escalate. And if you have assets that are at risk (for example, a pending foreclosure or auto repo), creditors may be able to take your property away and you can lose your legal rights by default. Things can easily go from bad to worse by failing to act when you can. This is not what you want, is it?
How about putting the law to work for you? Filing bankruptcy can provide immediate debt relief, whether you’re eliminating debts you can no longer pay or simply reorganizing your finances so that you can pay your creditors slowly as you’re able. The law says that once you file, creditors must leave you alone immediately. This gives you some breathing room, allowing you think more clearly while trying to get back on your feet. Bankruptcy is nothing more than a tool that you can use for financial recovery.
Keep in mind that the sooner you act to know your options, the sooner you will also find out if non-bankruptcy alternatives exist. Inaction can only worsen your problems, and you may find yourself having no choice but to file bankruptcy at the last minute in order to deal with lawsuits, garnishments, bank account seizures or liens against your property.
Plan ahead of time so you’re not caught unprepared.
For the last 20 years, I’ve been helping people and business owners get out of debt. If you are in debt and have no clue what you should do next in order to change your situation for the better, I offer a free consultation..
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NOTE: Due to the current lockdown order caused by COVID-19, 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
