Facing Your Biggest Fears When In A Financial Crisis

I know we’ve never met. But there’s a common concern we all share. As a debt relief attorney, I hear it from people who consult with me every day. It is this: The possibility of losing what we’ve worked hard for all our lives…our homes, our savings, our retirement money, our business, etc. Why is this fear so common?
Personally, I think the fear comes from a feeling of losing control. As a debt relief attorney, I deal with a lot of clients who are feeling very vulnerable because of the financial situation that they’re in. They could be facing a financial crisis for the first time in their lives, and they don’t know what to do.
If you are facing serious debt problems, a foreclosure, a lawsuit, judgment, or a pending wage garnishment, it’s not the end of the world and chances are that you have options that you didn’t even know existed. It may be possible to settle your debts out of court or as a last resort, file bankruptcy to either wipe out or reorganize your debts.
Recently, a couple came to my office for debt help. They’ve just been assessed huge taxes by the IRS and they had to enter into a payment plan for that reason. But they were already behind on their mortgage payments, not to mention the credit card debts that were piling up. One car just broke down and needed replacement. Over the last few years, they’ve been borrowing money from all sources just to keep their heads above water, including their 401K plans. The 401K loan payment deductions from their paycheck are not helping. The tremendous debt burden has put a strain on their marriage and has caused a lot of grief at home.
I helped this couple reorganize their debts under Chapter 13. We came up with a payment plan that combined all their debts into one low payment every month- a payment that they could afford. This has allowed them to sleep better at night knowing that they are paying their creditors the best they can. More importantly, they now have peace of mind knowing that they will not lose their home and everything they’ve worked so hard for.
If you are currently going through a financial crisis and don’t know what to do, you don’t need to live your life in fear. Face your fears instead of avoiding them. Get all the information you need from a professional who can look at your situation more objectively and advise on all available options.
Ray Bulaon is a bankruptcy attorney and business debt mediator in Valencia who has successfully helped more than 6,000 clients in getting out of debt. For a free consultation, call us 661-775-4880.