How can bankruptcy protect you? —

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DEALING with difficult financial times can be a scary thing for many people. When debt collectors harass you, at some point you realize that something needs to be done, but you just don’t know where to start or where to go for help. Often the options can also be confusing unless you get the right information you need to make the right decision. Should I consider declaring bankruptcy or is this the worst mistake I can make under the circumstances? What can creditors do to me if I continue to ignore my debt problems?

If a lawsuit, wage garnishment, repossession, or foreclosure is imminent, you must take action immediately so you can protect yourself and your property. If filing for bankruptcy is your best option, consult an experienced bankruptcy attorney who can explain how this process works so you can get immediate debt relief.

Unfortunately, most people feel some shame or stigma about filing for bankruptcy when in reality, it may be the best thing they can do to protect themselves from the actions of creditors. Hear me out: If your home, your salary, your assets, and your financial future are at stake, you don’t have to feel embarrassed. If you’ve tried your best to do all you can without success, you should at least find out what your legal options are. Forget what your friends and family might think if they found out you were considering bankruptcy. That should be the least of your worries. What you need to know is to know the pros and cons of bankruptcy to determine if it is right for you.

If you have been sued by a creditor and you do not respond to the complaint, the creditor can obtain a default judgment against you. The judgment obtained will then allow the creditor to collect more of the debt by seizing your bank accounts or seizing your wages. In some cases where the creditor obtains a court order requiring you to appear in court to be questioned about your assets (examination of the debtor), your failure to appear may result in a court-issued warrant for your arrest.

Keep in mind that in the scenario above, you are not going to jail for owed money, but you can be arrested for failing to appear for the judgment debtor’s questioning. If you declare bankruptcy, of course, at any time during the recovery process, legal proceedings against you are immediately stopped.

For those of you in foreclosure and currently trying to work out a solution with your lender with a forbearance agreement, repayment plan, or loan modification, don’t make the mistake of not having a plan. alternative in case your lender says “no”. I see a lot of people these days who have waited months for a response from their lender after submitting their loan modification request, only to be told at the last minute that their lender has denied their request and that the procedure of foreclosure will resume immediately.

If you have been approved for a “trial loan modification”, remember that this does not guarantee approval unless you meet the terms of the conditional approval. My point is this: Find out NOW what other options may be available to you in the event of a refusal. If you wait to do this AFTER you’ve been turned down, you may find that you have either very limited options or no options at all.

For a free consultation, call my office toll-free at 1-866-477-7772 so we can carefully assess your case.

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NOTE: Due to pandemic-related safety concerns, I am offering free consultations OVER THE PHONE to anyone who needs help dealing with their debt issues.

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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 6,000 clients get out of debt. For a free evaluation of your situation by an attorney, please call RJB Law Firms toll-free at 1-866-477-7772.

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