[COLUMN] File for bankruptcy when everything seems hopeless –
It’s something I hear from people all the time: “If you ask me, I really hate doing this, but I feel like I have no choice. “
Of course, no one wakes up one morning and decides to file for bankruptcy without seriously thinking about it. Usually people spend a lot of time going over this option in their minds before making up their minds and the questions seem endless.
What will happen to me and my family if I file for bankruptcy? Can I keep my house, car and other belongings? Will it ruin me forever? How long will bankruptcy remain to my credit?
Even picking up the phone to call a lawyer can be a scary thing for most people, as they have never had to deal with the legal system or a court in their entire lives. It’s understandable when you’re dealing with something you don’t know. However, waiting too long to seek legal help can also backfire. Property can be lost. Creditors can gain the upper hand and take advantage of the fact that you do not know your legal rights.
I always tell people that bankruptcy laws were created to protect people, not to hurt them. This is an area of law where you can use the legal system to your advantage if you really need help. Many people who seek debt relief also go through a wide range of emotions. Most of them, of course, are relieved to learn that they don’t need to deal with their debt problems anymore and that they could finally start over.
Life returns to normal. They no longer need to be afraid to pick up the phone or open their mailbox without knowing what they might find. Finally, these people can reopen a bank account and start saving for the future.
Like I said, a lot of people who end up going bankrupt usually do so as a last resort. Deciding to file right away may not be the best thing to do in some situations. In other cases, it is necessary to deposit immediately in order to protect property, wages, bank accounts and other assets from being taken by creditors.
An experienced bankruptcy lawyer should be consulted without delay if in any doubt as to when a case should be filed. This is especially true when you have a lot of assets that can be at risk if creditors sue.
Once a creditor obtains a judgment, that creditor can proceed with a lien on property you own, garnish your wages, or clean up your bank accounts.
Listen to me! You can be broke, but you don’t have to be broke. If you are honestly doing your best to pay your creditors but simply cannot, the law provides a remedy for your situation. Going bankrupt is not a conscious choice people make, but rather a negative consequence of bad financial decisions that have already been made in the past. But the past is over and life must go on.
If you’ve made mistakes (who hasn’t?) In the past, be prepared to accept responsibility for where you are, forgive yourself, and move on. Accept the fact that you may have to file for bankruptcy even if you don’t want to, if that’s your only hope to start over.
If so, bankruptcy can allow you to turn your situation around and help you get your life back on track. I have seen countless cases where bankruptcy relief has helped people save their businesses, homes, property and even their marriages.
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NOTE: Due to concerns about COVID-19, I am offering free PHONE OR VIDEO consultations to anyone who needs help dealing with their debt issues.
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None of the information in this document is intended to provide legal advice for a specific situation. Atty. Ray Bulaon has successfully helped over 5,000 clients get out of debt. For a free legal assessment of your situation, please call RJB Law Offices at Toll Free 1-866-477-7772.