Is bankruptcy the answer? —
If you’re in eye-watering credit card debt and have no way to pay back what you’ve borrowed, a lot can be going through your mind right now. You may have heard of bankruptcy and how it can help you get a fresh financial start, but you think this option may be too drastic for you. Perhaps the very thought of going to a lawyer to discuss the possibility of declaring bankruptcy is enough to send shivers down your spine.
Relax and overcome your fear. First of all, it’s not the end of the world. At one time or another, we all face financial challenges in life. Second, unless you speak with an experienced and knowledgeable bankruptcy attorney who can assess your case and recommend possible solutions, you will never know if bankruptcy is recommended for your situation. In many cases that I see, this is the only solution. In other cases, however, bankruptcy should be avoided, especially if there are risks of loss of property or other assets.
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 problematic debts. Sometimes all people need is time to catch up after falling behind in their payments. For example, if you are at risk of losing your house or your car (how will you work if you lose your vehicle?), bankruptcy can help prevent the creditor from taking legal action.
The reason I write about credit cards in this week’s article is that this type of debt seems to be the most common. In many cases, people have simply charged their credit cards more than they are able to repay, which could have serious consequences. Creditors can sue and get judgment. They then enforce the judgment by placing a lien on your property or garnishing your wages. Many people feel embarrassed to be called into work by debt collectors and they fear it will cause them to lose their jobs. Bill collectors are often rude, obnoxious and abusive and their only job is to make your life miserable so you can cough up money to pay them.
Filing for bankruptcy immediately stops the harassment from creditors and for once you can breathe again and clear your mind. Being in debt can be very stressful. It can also destroy marriages, family and business relationships. Stress can affect your health and peace of mind. People in debt often feel alone and helpless. And because they are often embarrassed by their situation, they don’t even tell others about their problems or seek legal help until it’s too late.
Credit cards can be useful in an emergency, but when overused, they can make your life very miserable. People in debt cannot even sleep at night because they are always worried about their debts and their future. If you find yourself in a situation where you feel you are drowning in debt and cannot save yourself, please get help as soon as possible before things get worse. If you do nothing now, later you will have no one to blame but yourself for your inaction.
If you need to get your financial situation in order, we can help you assess your options for getting out of debt. If it suits your situation, filing for bankruptcy relief may improve your situation.
For a free consultation, call toll-free at 1-866-477-7772. Allow me to assess your situation and recommend possible options.
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NOTE: Due to the pandemic, telephone or video consultations are available. Questions? Email me at [email protected]
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None of the information contained herein is intended to provide legal advice for any specific situation. Atti. Ray Bulaon has successfully helped over 5,000 clients get out of debt. For a free evaluation of your situation by an attorney, please call RJB Law Offices toll-free at 1-866-477-7772.