What should you consider before filing bankruptcy?

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Many people believe bankruptcy as a last resort to save an unsuccessful financial aspect of life.  However, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment, divorce or illness. This can take a toll not only on a person’s health but also on their finances. 

Nowadays, filing for bankruptcy is considered a good solution for those who cannot pay back their unsecured debts as compared to other uncertain options. Credit scores can be repaired and a clean slate can be achieved within a year after discharge.

Question: What warning signs should I consider before filing a bankruptcy?

Answers: If any of the following applies to you, it is time to consider filing bankruptcy:  

1. If you are facing foreclosure or repossession.

2. If your creditors have attached your wages or your bank account.

3. If you can’t catch up with your bills no matter how hard you try.

4. If you no longer answer the phone because creditors call you night and day. 

Question: What can bankruptcy do for me?

Answer: While bankruptcy cannot help you out of every single financial situation, like relief from child support, it can help you with some of the most common types of financial distress.  Both State and Federal Laws are enacted to protect your rights and save your dwelling and your ability to earn a living.  If you are feeling guilty or ashamed of the financial situation that you are in, consider that in these difficult times, you are not alone.  The rich and the poor filed for bankruptcy at least once in their lifetime.

Question: What are the benefits of filing bankruptcy?

Answer: Among the benefits of filing bankruptcy are:

1. Allows for the “discharge” of most, if not all of your debts. This means that you are no longer legally obligated to pay the debts.

2. Prevents property from being repossessed, or it may require creditors to return property that was repossessed.

3. Stops the collection process. This means that creditors must stop attempting to collect on the debts.

4. Prevents you from having your utilities cut off, or if they are cut off, requires the utility company to restore service.

5. Stops or prevents wage garnishment.

6. Halts the foreclosure process and gives you time to catch up on payments. This means you will not necessarily lose your house or mobile home.

7. Gives you the opportunity to dispute false claims from creditors who may be trying to collect more than what it owed to them.

Question: Will bankruptcy improve my credit score in the future?

Answer: YES!   Although filing for bankruptcy is a black mark on your credit report, it is also important to remember that your existing debt is also a black mark in your credit.  Filing a Chapter 7 or Chapter 13 bankruptcy, in many cases, may actually improve your current credit situation because the black mark will go away eventually. If you do not file bankruptcy, the black mark will continue in your lifetime unless you paid all your debts. 

Note: This is not a legal advice.

Signs China may annex the Philippines

China has been interfering in our election since 2015 to put their person as President.  China may annex the Philippines after the May 2022 election because of China’s ambition to control the West Philippine Sea which will enable them to control all and the important sea passage.  When this happens, all of us including our children and grandchildren will become slaves of Communist China.  This is something that we have to fight to the last drop of blood.  We will have no more country because we were sold by our politicians.  The only way we can do is to protest in unity.  This is a right granted in our constitution and a basic human rights nobody can deny. .  We need to unite in order to defeat whoever China is supporting for President.  Listen to Percy Lapid (or Lapid Fire) and Waldy Carbonell on You Tube and Facebook for details and more corruption in the government.

Note: If you have immigration problems the Law Offices of Crispin C. Lozano can help you find a solution before your problem gets worse which could lead to deportation and family separation.  

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