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You are not alone in the bankruptcy process. Let us serve as your guide, helping you secure maximum debt relief through whichever type of bankruptcy is best suited to your specific case. Contact us today to get started.

Four Reasons to Never Use Your 401(k) to Pay Down Your Personal Debts

When a person is facing a seemingly insurmountable amount of debt, it is understandable that they are willing to take any advice if it seems as though it could help them. The bad news is that advice that is supposed to help can actually make the situation worse. Keep reading to discover why most get out of debt advice should not be trusted, then contact The Law Offices of Paul Y. Lee at 888-748-0025 if you would like to learn about bankruptcy options.

The Advice is to General

The fact of the matter is that there is no one-stop-shop when it comes to getting out of debt. That is why there are numerous bankruptcy options – there is not one choice that works for everyone. In fact, bankruptcy is not an option for everyone and it is not the right option for many. You need personalized advice from an experienced professional who will give you advice about your specific needs – not general platitudes.

They Often Have Something to Gain

If you see someone offering advice to get out of debt, you should question what it’s in for them. For example, if you see a website promising to give you the “secret,” but they require you to sign up for a seminar, then they are likely trying to make money from you. If you listen to a “guru” who offers advice, ask which advertisers are paying them and what they get if you sign up with the companies they recommend.

They Can Make the Problem Worse

A simple “plan” that is supposed to make your situation easier could make it harder. Many people who sign up for debt consolidation end up just running their credit cards up again because they cannot afford to continue with their current financial obligations. This just adds debt to a pile that is already unsurmountable.

They Are Not Permanent Solutions

Many of these options are not permanent solutions to the problems you are facing. Yes, it will likely help most people to get better at budgeting or to learn different methods of saving money. But if the minimum payments on your credit cards, coupled with your mortgage and car payment, are more than you bring in on a monthly basis, then there is no point in learning to budget – you need a permanent solution.

Call Today for a Free Bankruptcy Consultation

When you speak with a bankruptcy attorney, you can get honest answers to your specific needs. Will you qualify for bankruptcy? How long will the process take? Is it your best option? Which chapter should you file? These are all questions we can answer when you contact The Law Offices of Paul Y. Lee at 888-748-0025 for a free legal consultation.