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Articles by Ray Bulaon
What Happens When You Default on Your EIDL SBA Loan? – Financial Recovery Law
If you are a business owner who has defaulted on an SBA Economic Injury Disaster Loan (EIDL), you are not alone. Many businesses accepted EIDL funds during the COVID-19 pandemic believing the economic disruption would be temporary. Unfortunately, rising costs, reduced revenue, inflation, high-interest debt, and changing market conditions left many businesses unable to recover. As a result, thousands of borrowers are now behind on payments or facing default.
What Happens When You Default on Your EIDL SBA Loan? – Financial Recovery Law
If you are a business owner who has defaulted on an SBA Economic Injury Disaster Loan (EIDL), you are not alone. Many businesses accepted EIDL funds during the COVID-19 pandemic believing the economic disruption would be temporary. Unfortunately, rising costs, reduced revenue, inflation, high-interest debt, and changing market conditions left many businesses unable to recover. As a result, thousands of borrowers are now behind on payments or facing default.
Did You Personally Guarantee Your Business EIDL loan? What You Need to Know – Ray J. Bulaon
During the economic upheaval caused by the COVID-19 pandemic, the U.S. Small Business Administration (SBA) expanded its Economic Injury Disaster Loan (EIDL) program to provide critical financial relief to small businesses. While these loans helped countless businesses survive, many borrowers are now confronting a less-discussed but significant issue: the consequences of signing a personal guarantee.
Why People Hesitate to File Bankruptcy — And Why They Shouldn’t – Ray J. Bulaon
To begin, we encourage you to file your tax return by the April 15th deadline. There are several reasons why failing to file on time and not including outstanding taxes owed is not advantageous. Why Filing On Time MattersIf you are due a refund, you won’t...
How Debt Settlement Can Help Your Small Business - Ray Bulaon
As a business owner, you know that cash is the lifeblood of your enterprise. It’s a critical resource that must be managed wisely. A cash shortage can be an early warning sign that your business is in trouble. Even if you’re profitable on paper, without sufficient cash flow, your business’s future is at risk. You might currently have enough funds in your business bank account to cover payroll and essential expenses for the next few months. However, this doesn’t guarantee a strong cash position.
Shutting Down Your Business? What You Need to Know - Ray J. Bulaon
Many California business owners believe that once a business closes, its debts die with it—especially if the business operated as a corporation or limited liability company (LLC). This assumption is often wrong. While entity structures provide important protections, business shutdowns frequently expose owners to personal financial liability that survives long after operations end. Understanding where personal money exposure arises is critical before shutting the doors.
When Business Owners Can Be Personally Responsible for Business Debts - Ray J. Bulaon
Many people start a small business believing that forming an LLC or corporation fully protects their personal finances. While these business structures do offer important legal protections, they do not always prevent personal responsibility for business debts. In certain situations, a business owner’s personal assets—such as savings, vehicles, or even a home—can still be at risk. Understanding how and why this can happen is especially important for small business owners in our community.
How Merchant Cash Advances (MCA’s) Cause Serious Cash Flow Problems For Business Owners
In recent years, Merchant Cash Advances—commonly known as MCAs—have exploded in popularity among small business owners seeking fast access to capital. On the surface, MCAs look simple: a lender advances cash upfront, and the business repays the advance through daily or weekly withdrawals based on a percentage of its future receivables. There’s no traditional interest rate, no lengthy underwriting, and approval can happen in 24 to 48 hours.
Where Did Your Debt Problems Come From? - Ray J. Bulaon
I was counseling someone the other day in my office. He looked shocked and confused as we sorted through all the credit card statements on my desk and added up how much he owed. $65,000! That’s how much the statements said he owed! How can this be? He said he remembered paying a lot of these debts off just a few years ago. When I asked him how it was possible for him to owe that much again, he replied: “Honestly, I don’t know.
Facing Debt: Understanding Your Options Before It’s Too Late - Attorney Ray Bulaon
Many people today find themselves burdened by overwhelming debt, constant calls from creditors, and what feels like no way out. For some, a sudden job loss led to a downward spiral, making it impossible to keep up with bills. For others, a divorce or unexpected medical expenses drained their resources and left them struggling to stay afloat.
How Debt Restructuring Can Save Your Small Business - Ray Bulaon
Running a small business can be both rewarding and overwhelming. Owners often find themselves wearing multiple hats—marketer, manager, problem-solver, and financial overseer. Unfortunately, finances are where many businesses falter. According to the U.S. Small Business Administration, about 50% of small businesses close within their first five years. Take one of my former clients as an example. He owned a popular restaurant I often visited.
Considering Bankruptcy? 5 Questions to Ask Yourself - Ray Bulaon
Are your debts keeping you up at night? If you’re overwhelmed by debt and unable to keep up with payments, it’s natural to feel scared, frustrated, or even ashamed. You may have already tried to fix the situation on your own, but nothing seems to be working. At this point, the idea of filing for bankruptcy might be on your mind—but you’re unsure if it’s the right path forward. So, how do you know if bankruptcy is the right solution for you?
Facing Your Biggest Fears During a Financial Crisis - Ray J. Bulaon
Even though we haven’t met, I understand a fear that many people quietly carry: the fear of losing everything they’ve worked for—homes, savings, retirement funds, or a business. As a debt relief attorney, I see this fear daily. It often stems from a sense of helplessness when debt feels overwhelming and out of control. For many, this may be their first serious financial crisis.
Is Bankruptcy the Right Step for You? - Ray Bulaon
Debt problems rarely resolve on their own. If you’re feeling overwhelmed and believe bankruptcy is your only option, you’re not alone. As a bankruptcy attorney with over 25 years of experience and more than 6,000 successful cases, I’ve seen how bankruptcy—when done properly and when appropriate—can offer a real path forward. While it should always be a last resort, for many people I meet, bankruptcy becomes the lifeline they desperately need when all other efforts have failed.
Is Your Small Business Having Cash Flow Problems? - Ray J. Bulaon
Cash is the lifeblood of any small business. It’s not just a tool—it’s the fuel that keeps the engine running. As a business owner, you might be profitable on paper, but if there isn’t enough cash to cover your expenses, your business could be heading for trouble. The harsh reality is this: a lack of cash, not lack of profit, is one of the top reasons businesses fail.
Personal Guarantees and Business Debts: What Happens When the Business Can’t Pay? - Ray J. Bulaon
Running a business can be an exciting venture, but it also involves financial risks. One common way that small business owners obtain funding or secure loans for their company is through personal guarantees. A personal guarantee is an agreement in which the owner pledges their personal assets to back up the business’s debts. This means that if the business cannot repay its debts, the owner becomes personally responsible for the financial obligations.
How Debt Settlement Can Save Your Business - Ray J. Bulaon
Businesses facing financial challenges often see their cash flow tighten, threatening their ability to continue operations. In extreme cases, they may even consider filing for bankruptcy as a way to protect themselves from creditors and alleviate mounting financial stress. However, bankruptcy should not always be the first option.
Out of Debt: Eliminate or Consolidate - When Filing Bankruptcy Makes Sense - Ray J. Bulaon
When other options for debt relief have been exhausted, bankruptcy can be a lifeline for many individuals. Fortunately, the stigma surrounding bankruptcy has diminished, and people who file often rebuild their credit successfully in just a few years. However, filing for bankruptcy is a serious decision and should be made with the guidance of an experienced attorney. If done properly, it can be a crucial step in overcoming financial struggles.
Finding Hope Through Bankruptcy - Ray J. Bulaon
Many people reach the point of filing for bankruptcy when they feel overwhelmed and hopeless about their financial struggles. It’s important to understand that there is no shame in seeking a fresh start to secure your financial future. As the saying goes, “bad things happen to good people.” Sometimes, people make poor financial decisions, or face unexpected setbacks, which can lead them into a difficult financial situation.
Is Your Small Business Running Low On Cash? - Ray Bulaon
As a business owner, you know that cash is the lifeblood of your enterprise. It’s a critical resource that must be managed wisely. A cash shortage can be an early warning sign that your business is in trouble. Even if you’re profitable on paper, without sufficient cash flow, your business’s future is at risk. You might currently have enough funds in your business bank account to cover payroll and essential expenses for the next few months. However, this doesn’t guarantee a strong cash position.
Are You Personally Liable for Your Business Debts? - Ray J. Buloan, Debt and Tax Relief Attorney
When a business closes, the legal and financial consequences can be significant, particularly if the business owner has personally guaranteed the debts of the company. In many cases, the owner may assume that shutting down the business will relieve them of their financial obligations, but a personal guarantee can make this assumption problematic.
How Bankruptcy Can Be A Path to Financial Recovery - RJB Law Offices
Finalized Cryptocurrency Reporting Rules – Professional Tax Services by | Aug 29, 2024 | Uncategorized The US Treasury Department and Internal Revenue Service have moved closer to their goal of ensuring everyone who participates in the buying and selling of cryptocurrencies reports their transactions to the IRS and pays their taxes. The annual reporting will start at... read more How Much Do You Really Need to Purchase Your First Home?
Bankruptcy: Before You Deplete Assets to Pay Debt - RJB Law Offices
Start Thinking About Your Future Tax Strategy – Professional Tax Services by | Jul 22, 2024 | Business News Now is the time to start considering your tax strategy, not just for 2025 but for 2026 and beyond. We are in a time of substantial uncertainty regarding future taxes. Much of what road our government will follow depends on who will be elected president. We have an... read more Is A Home Equity Line of Credit (HELOC) A Good Fit For You?
Life After Bankruptcy: Rebuild Your Credit and Your Life - RJB Law Offices
Most debt problems don’t solve themselves and simply go away. If you are feeling trapped in your situation with no other way out but to file bankruptcy, I understand how difficult it may be for you to make that decision.
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.
Don’t Pay the IRS Another Penny Until You Read This - RJB Law Offices
If you just received the dreaded first letter from the IRS saying that you owe them money, don’t despair. Perhaps you had a balance owing on your last tax return (or returns from past years) that you couldn’t pay. Maybe you got audited and you didn’t have the chance to respond. Perhaps you took money out of your retirement plan and didn’t pay the taxes owed on the withdrawal. Who knows. There are a multitude of reasons how people end up in IRS hell.
Debt Problems: You Can’t Change The Past, Only The Future - RJB Law Offices
Are you currently struggling with debt problems and don’t know what to do? To most people, finding themselves in that situation is pretty scary. They constantly worry about their finances and wonder whether they will ever be able to get out of the financial mess that is causing them a lot of stress. But what led to your present situation? The answers can be different in every situation. I was counseling someone the other day in my office.
Sooner or Later, You Need to Face Your IRS Tax Problems - RJB Law Offices
Would a Comprehensive Tax Plan Save You Thousands of Dollars? – Professional Tax Services by | Feb 29, 2024 | Business News Whether or not you have already filed your tax return, you may wish you could lower the amount of tax you paid or will pay and pay less in the future. Thus, it might be advantageous for you to work with a professional tax firm that provides comprehensive tax planning...
You Can Get Out of Debt - Safely and Legally - RJB Law Offices
Are you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an option for you or are other options available? These days, you are constantly bombarded with advertising from companies and other professionals offering you their “solution”. But how do you know who to trust and if you are doing the right thing?
SEPTEMBER COMPLIMENTARY Advice from SCV PROFESSIONALS
HAS THE HIGHEST DIRECT MAIL DISTRIBUTION IN THE SANTA CLARITA VALLEY. 80,000 COPIES ARE DISTRIBUTED BY DIRECT-MAIL EVERY MONTH, IF YOU OWN A BUSINESS, PLEASE CONSIDER ADVERTISING WITH US! Our team has been diligently working to provide Santa Clarita Valley families with a useful, family friendly magazine that connects residents, local businesses and cherished non-profits for 32 years. Whatever you need, you'll find it in Santa Clarita Magazine! Need to get the word out about a product or service?
Is Your Small Business Running Out of Cash?
As a business owner, you understand that cash is the life blood of your business. It is a precious commodity that cannot be ignored and must be used effectively. Shortage of cash could be your first sign that your business is in trouble. You could be profitable, but without cash, you’re not going to have a business for much longer. You may have enough cash in the business bank account right now to be able to make payroll and pay other necessary expenses in the next few months.
AUGUST COMPLIMENTARY Advice from SCV PROFESSIONALS
HAS THE HIGHEST DIRECT MAIL DISTRIBUTION IN THE SANTA CLARITA VALLEY. 80,000 COPIES ARE DISTRIBUTED BY DIRECT-MAIL EVERY MONTH, IF YOU OWN A BUSINESS, PLEASE CONSIDER ADVERTISING WITH US! Our team has been diligently working to provide Santa Clarita Valley families with a useful, family friendly magazine that connects residents, local businesses and cherished non-profits for 32 years. Whatever you need, you'll find it in Santa Clarita Magazine! Need to get the word out about a product or service?
JULY COMPLIMENTARY Advice from SCV PROFESSIONALS
HAS THE HIGHEST DIRECT MAIL DISTRIBUTION IN THE SANTA CLARITA VALLEY. 80,000 COPIES ARE DISTRIBUTED BY DIRECT-MAIL EVERY MONTH, IF YOU OWN A BUSINESS, PLEASE CONSIDER ADVERTISING WITH US! Our team has been diligently working to provide Santa Clarita Valley families with a useful, family friendly magazine that connects residents, local businesses and cherished non-profits for 32 years. Whatever you need, you'll find it in Santa Clarita Magazine! Need to get the word out about a product or service?
JUNE COMPLIMENTARY Advice from SCV PROFESSIONALS
HAS THE HIGHEST DIRECT MAIL DISTRIBUTION IN THE SANTA CLARITA VALLEY. 80,000 COPIES ARE DISTRIBUTED BY DIRECT-MAIL EVERY MONTH, IF YOU OWN A BUSINESS, PLEASE CONSIDER ADVERTISING WITH US! Our team has been diligently working to provide Santa Clarita Valley families with a useful, family friendly magazine that connects residents, local businesses and cherished non-profits for 32 years. Whatever you need, you'll find it in Santa Clarita Magazine! Need to get the word out about a product or service?
APRIL COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS The Importance of Financial Literacy for Individuals at or Nearing Retirement Oftentimes, financial literacy is associated with younger individuals and their need to understand how to properly apply BON VOYAGE Travel is becoming more common after over two years of isolation. We can barely stand the excitement when adventure awaits.
Running a small business can have its perks although it’s often an all-consuming endeavor. The owner often has to wear many hats- from being a marketer, manager, and yes, including the often most dreaded role of all- managing the finances of the business. The sad fact is that many businesses struggle, no matter how good things may look on the outside. According to the Small Business Administration, 50% of small businesses close within the first 5 years.
JANUARY COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS Financial Resolutions Many of us start each New Year with a list of goals we are eager to achieve and a desire to “start fresh.” If improving your financial health is on your list of resolutions in 2022, The Meaning of Y2K For those of you who remember when “Y2K” was looming, you may remember the worldwide fear of total mayhem caused by the possible inability of technology to Insurance for All Facets of Life A 20-year financial...
Are Your Debt Problems Getting Worse Every Month?
If you are searching for debt reduction solutions, you’ve probably been inundated with advertisements for various debt management programs, companies, and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way for you. So, what do you do before your debt problems get worse?
How Debt Settlement Can Save Your Small Business
No business owner ever wants to be in a situation where they have to decide between paying their creditors and making payroll. A recent report revealed that Los Angeles has the highest reported number of business closures since the pandemic began more than a year ago. Apparently, there have been at least 15,000 business closures across Los Angeles County alone, with 50% of those most likely never to reopen again.
AUGUST COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS Business Directory 2021 Our August Business Guide is your “one stop shop” for all the contact information you need to find the best of the best in the Santa Clarita Valley.Craig Martin CalBRE #01939259 24251 Town Center Dr #201, Valencia 661-361-6843 Santa Clarita Sunrise Rotary Annual Tequila Tasting is Back! Santa Clarita Sunrise Rotary, a local service organization, is hosting their annual Tequila Tasting event on Friday, September...
JULY COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS Injuries That You Cannot See by Susy Owen Owen, Patterson & Owen is a personal injury firm in Valencia. We represent clients from all over the world, as well as our neighbors throughout Santa Clarita and Southern California. A Simple Six-Step Retirement Checkup by Brian Jacobs Despite some downdrafts, the stock market in 2021 has been strong overall, benefitting many investors. Still, periodic market volatility is a normal part of investing.
JUNE COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS What is a Contingency Fee? by Susy Owen An accident can create physical injuries, horrible emotional distress, loss of income, destruction of property, and high medical bills. You must focus on getting better, but the financial implications can be overwhelming.
Unemployed Due to the Coronavirus? Here’s How Bankruptcy Can Help
We are facing challenging times brought about by the coronavirus. Since March of last year, millions of people have lost their jobs. A lot of business owners have been forced to shut down. Surprisingly, bankruptcy filings have been down with so many people still waiting to see what happens in the next several months. Unfortunately, however, as a bankruptcy attorney, I predict that this is only temporary, and it is just a matter of time before people realize that bankruptcy is their only option.
May COMPLIMENTARY Advice from SCV PROFESSIONALS
COMPLIMENTARY Advice from SCV PROFESSIONALS BUSINESS NEWS Fight On For Justice by Susy Owen Owen, Patterson & Owen is not “big law.” But we do big things for our clients. Our clients, being able to reach us on the phone, day or night, knowing they can speak with their attorney and not be just a number–that is a big thing. For our USC clients, women who were abused and violated in a very What’s the Difference Between Saving & Investing?
Can Your Business Creditors Go After Your Personal Assets?
The last 12 months have been brutal for a lot of business owners. While certain businesses have found ways to work around the COVID restrictions, there are some who never had a fighting chance from the beginning when they were forced to close down. Some have remained open and are just now starting to see a glimmer of hope but are so terribly behind on all their bills.
Business News from Santa Clarita Magazine
COMPLIMENTARY Advice from SCV PROFESSIONALS For the Love of Dogs by Owen, Patterson and Owen Since the beginning of the pandemic, I have had two new assistants as the managing partner of Owen, Patterson & Owen, the biggest personal injury law firm in Valencia. They are on nearly every video call, stay close during the entire workday...
Facing Your Fears When Bankruptcy Is Unavoidable
The word “bankruptcy” is packed with all sorts of negative emotional triggers. It sounds bad — even dirty. It’s embarrassing. (What if people find out?!) People paint ugly pictures of what their lives will look like post-bankruptcy. But it’s not true. Bankruptcy is an opportunity to close one chapter of your life and open a new chapter — a better chapter. In this new chapter of your life, you get to make choices without the constant pressure of creditors breathing down your back.
Business News from Santa Clarita Magazine
COMPLIMENTARY Advice from SCV PROFESSIONALS It is the Time for Loving by Susy Owen “Virginia is for lovers.” The first time I saw this license plate frame, I thought it was kind of scandalous. Strengthening Your Business by Brian Jacobs As a small business owner, you are playing a big role in driving our nation’s economy. The Angry Ex by Denise Lite In nearly 20 years of practicing family law, the amount of venom and anger that lasts long after a divorce is over can be staggering.
Chapter 13: Reduce Your Debts And Only Pay What You Can
Has your income been affected by the COVID-19 pandemic? If you are currently unemployed and have no resources to pay creditors, filing for Chapter 7 bankruptcy to wipe out your debts and start fresh may be the clear and only option. To file Chapter 7, you generally need to be able to show zero disposable income every month. But what if you had some disposable income but not enough to pay all your creditors? Is there a way to pay only based on how much you can afford?
Bankruptcy Getting Needed Debt Relief During the Pandemic
As I write this article, the country’s economic outlook is grim. The governor just ordered another shutdown of “non-essential businesses” who have already suffered significant financial losses since the pandemic started early this year. A lot of workers are getting laid off again by business owners who must shut their doors until being told it is OK to re-open. COVID-19 has had crippling and devastating financial consequences for couples, families and business owners.
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