When Filing Bankruptcy Becomes Unavoidable – RJB Law Offices

Facing serious debt problems can be one of the most stressful times you will ever face in your life. They can keep you up at night and keep you in a constant state of worrying about the future. If the situation continues, they may even damage your physical and emotional health.
There is no doubt that the pandemic has affected countless families and business owners, resulting in the accumulation of unexpected debt from credit cards, personal loans, SBA loans, etc. In speaking with a lot of struggling business owners, I am finding out that most of them have not financially recovered and it is not “business as usual”. Multiple sources of income have disappeared, they have lost customers, and a lot of their debt obligations continue to grow as they continue to struggle just to keep their doors open. I have also helped a lot of business owners who, sadly, didn’t even make it through the pandemic and couldn’t pay their business debts when everything came due. If you’re one of the business owners affected by the pandemic, you’ve invested your blood, sweat, and tears in your business. It’s difficult to watch your dreams go up in smoke over a short period of time. Sad, but it’s the reality that we are now facing. Dreams have been shattered, savings lost, retirement accounts depleted; it seems like the worst nightmare one can ever have.
The good news is that all is not lost if you ever find yourself in this situation. If you’ve suffered a job loss, are facing foreclosure or have bills you can no longer afford to pay, Congress has enacted bankruptcy laws that can help you get your finances back in order. I know that the mere thought of bankruptcy makes most people nervous and so they don’t explore their options until it’s too late.
This is unfortunate because in a lot of cases, people could have turned their situation around much sooner had they acted sooner. Some people wait too long to file bankruptcy even when it is their only option. In the process, they use up hard-earned assets like their retirement plan and savings accounts. In the end they realize that this was nothing more than a temporary fix to a lingering problem. Sooner or later, these people realize that they would have been better off filing for bankruptcy before losing everything that they had worked so hard for. Don’t let this happen to you!
If you’ve come to the end of your financial rope and don’t know what else to do, at least find out what your legal options are before things get worse. You don’t need to keep living paycheck to paycheck while digging a deeper financial hole every single month. Yes, bankruptcy may be a scary thing for a lot of people who don’t understand the process but once they’ve taken the time to find out how it works and how it could help them get out of debt, they often realize that it’s not as difficult as they first thought. Bankruptcy is a beginning, not the end.
Dealing with financial problems can result in stress, fear, and embarrassment. With the current economy in turmoil, more and more people are filing for bankruptcy protection. The stigma that once surrounded bankruptcy has almost disappeared. Once you consult with a bankruptcy attorney, you may soon discover that the law is on your side and that you just need to let the legal process work for you. 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 866-477-7772 or 661-775-4880.