Facing A Debt Crisis? Don’t Wait Until You Have a Financial Emergency
No one ever wants to get into debt, but at some point in your life, you may face a debt crisis.
My definition of a debt crisis is where you can no longer meet your debt payments as they come due and that you are either in imminent or already in default. So, what do most people do in this situation? This may be counter-intuitive, but most will continue to borrow even more hoping that they can juggle payments for a while until “things get better”. However, that time usually never comes, and they end up in a worse situation.
Most people do their best with the resources that they have but sometimes, the problem is beyond their ability to solve on their own. This is where the federal bankruptcy laws can help. Fortunately, we have laws in this country that allow people to get out of a debt crisis when it is their only way out.
Now some people may not be exactly in a “debt crisis” but they can be in a “debt trap” if, due to the huge amounts of their debts and the outrageous high interest rates they’re paying, they’re likely to remain stuck in debt for the rest of their lives. This is not a place that you want to be but sadly, this is what happens when people bite off more than they could chew- when they borrow beyond their ability to pay with no clear plan on how to pay it all back.
If you are facing a debt crisis or are caught in a debt trap, don’t wait until your situation becomes a financial emergency. Personal safety always comes first especially if you have a family counting on you for support. Worrying will not get you anywhere and you need to be pro-active in finding a solution. If bankruptcy is an option, at least find out if this will benefit you or if there are other alternatives.
Atty. Ray J. Bulaon has helped more than 5,000 clients get out of debt since 1997. For additional information, you can call his Valencia office at 661-775-4880 and visit online www.santaclaritabankruptcylawfirm.com.
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