[COLUMN] Credit Card Debt Problems? How bankruptcy can help –


Are you having sleepless nights worrying about your credit card debt? Do you feel hopelessly trapped with no way out?

If you’re living up to your credit card debt and have no way to pay off what you’ve borrowed, a lot of things can be going through your mind right now. You may feel ashamed, helpless, confused, or even angry.

You may have heard of bankruptcy and how it can help you get a new financial start, but you think this option may be too drastic for you. Or maybe the thought of going to a lawyer to discuss the possibility of filing for bankruptcy is enough to freak you out. I feel your pain.

Listen to me! You can relax and overcome your fear. I’m serious.

First of all, it’s not the end of the world. At one time or another, we all face financial difficulties in life, so you are not alone. But it’s important that you at least explore all of the available options instead of making a rash decision. In some cases, bankruptcy may be your only solution. In other cases, it may be the worst thing you can do.

Where applicable, bankruptcy is a legal remedy that allows you to either pay (clear) 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 on payments. For example, if you are at risk of losing your house or 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 more on their credit card than they can repay, which could have serious consequences.

Creditors can sue and get a judgment. They then enforce the judgment by placing a lien on your property or garnishing your wages. Many people feel embarrassed to be called to work by debt collectors and 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 that you can shell out the money to pay them.

Filing for bankruptcy immediately puts an end to the harassment of creditors and for once you are able to breathe again and clear your mind. Being in debt is very stressful. It can destroy marriages, family and business relationships. Stress can affect your health and your peace of mind. People in debt often feel lonely, helpless and because they are embarrassed by their situation, they don’t even tell others about their problems or seek legal help until it is too late.

But again, the question remains: is this the right solution for you? I don’t know – until I know more about your situation. And only then can I give you my best and honest recommendation. If bankruptcy can be avoided, I will point out other alternatives that may be available.

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NOTE: Due to the COVID-19 pandemic, I am offering free PHONE 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

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