Although I don't believe getting out of debt is likely the most popular New Years resolution, it can't be too far behind losing weight. Many folks take advantage of this time of year after the holidays to reign in spending and to concentrate on knocking out debt. If this is your resolution this year, good for you. Unfortunately, we all know how poorly most of us are at keeping resolutions. I typically don't even make New Years resolutions because I don't want to set myself up for failure. But this year I am going to make some resolutions. While my resolutions don't revolve around debt, I think it is important to have a plan regarding how you are going to achieve any goal (after all resolutions are really just goals). If you want to read more about the best strategy to get out of debt check out my previous blog posting on the best methods to pay down debt.
So let me fill you in on my goals for 2012:
1. Meet with or have lunch with at least two people per month. Ideally, these would be people who I do not know well and I can use the opportunity to learn about them as well as their occupation.
2. Continue to Learn in order to be the best attorney possible by dedicating at least 4 hours per month to reading new caselaw, articles, publications, ect., which focus on bankruptcy law in Indiana. It is true that bankruptcy law is constantly changing through court decisions and new rules. In order to be the best bankruptcy attorney that I can be it is important to stay on top of the changes.
3. To post at least one entry to this blog per week. As time goes on it gets more and more challenging for me to think of blog topics that are interesting to my readers. I would appreciate any feedback regarding topics you would like me to address in a blog posting....but even if I don't get any feedback, goal #2 should help me think of new and helpful postings worthwhile to my readers.
4. Make sure I am using technology to the fullest. In the practice of law technology is not always king. In fact, attorneys are known for their ignorance of the latest technology. I am determined to take advantage of any technology that would aid my clients by making it easier to gather the information necessary to file bankruptcy.
5. Begin posting video clips on the Halcomb Singler website or on this blog that talk about different bankruptcy issues. I have wanted to do this for some time, but always find it difficult to set aside the time to devote to making and posting a video. Just so I am accountable on this I will add that my first video should be posted no later than the end of April.
Now that I look at them in writing, my goals are fairly simple. They don't take much planning, but do take quite a bit of time, which is a very finite resource for me as an attorney. For those of you whose resolutions deal with I suggest you tackle the task by making a realistic budget that doesn't cut out all entertainment, clothing, eating out, etc. Make sure you are realistic so that you can stick to the budget. Then read the best methods to pay down debt blog referenced earlier. Once you have determined which method you would like to use, start making the extra payment(s). If you don't have enough income in your budget, then get another job or jobs (yes I said jobs) so that you have enough income to effectuate your plan.
If you have done everything you can think of each year to get out of debt and have put your plan into action as I have described and you are still swimming in debt it may be the time to speak with an Indiana Bankruptcy Attorney. If you are receiving lawsuits for unpaid debts I would recommend you speak to a bankruptcy attorney located in your area. If you live in Indianapolis, Carmel, Fishers, Tipton, Zionsville, Noblesville, or the surrounding areas and would like to meet with me to discuss bankruptcy options just give me a call at (317) 575-8222. There is no fee for the initial consultation and I will give you my legal opinion regarding whether bankruptcy would help you (bankruptcy is not a good option for all people with debt issues) and answer your questions regarding bankruptcy.
Happy New Years everyone! I hope 2012 is filled with blessings for you and your families. Make it a great year.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Wednesday, December 28, 2011
Tuesday, December 20, 2011
If I Had Money to Pay an Attorney I Wouldn't Need to File Bankruptcy
Every profession has a phrase they hear....a lot. I imagine that car mechanics often hear that the car should not break down after only 40, 50, 60k miles, that bankers receive complaints about overdraft fees, that accountants hear that tax bills are too high....and bankruptcy attorneys are often asked how people afford to pay for a bankruptcy attorney when they do not have enough money to pay their bills.
It is a valid question and one that I have not discussed in detail on my blog....so here goes. I would say that there are three ways that people most often find money to hire a bankruptcy attorney:
1. Income tax refund;
2. Family members;
3. Extra money from not paying credit card/medical bills.
Income tax refund is self-explanatory. For many folks, an income tax refund is a once a year late Christmas. It has been my experience that many people use this lump sum of money to attempt to pay off credit cards, medical bills or car loans. I think that paying down debt is an excellent use of a tax refund for most people. However, for those out there who have reached the end of their financial rope attempting to get out of debt for years with nothing to show for it a tax refund is an excellent way to pay for bankruptcy. So, as tax season creeps up on us again keep your refund in mind as a way to pay down debt or eliminate most debts through Chapter 7 bankruptcy.
Another means I have seen people use to pay a bankruptcy attorney is through family. Often a family member has seen their loved one struggle with debt over a long period of time and wants to help them obtain a fresh start through bankruptcy. I have also seen situations where family members offer to pay a certain sum of money to settle debts or to pay for bankruptcy attorney/filing fees; whichever my client would prefer.
Finally, and probably most commonly, is for the person(s) filing bankruptcy to pay the attorney fees through a payment arrangement with the bankruptcy attorney. Once a person has met with a bankruptcy attorney and made the decision to file bankruptcy he or she will typically stop paying credit card, medical and other unsecured debts (I would not recommend stopping payment on your debt without first consulting with a bankruptcy attorney). Once the client has stopped paying on these monthly debts they have freed up some money to pay the attorney. This can take several months, but many bankruptcy attorneys will accept payment over a period of time.
So I have answered the age-old question of how someone with no money can possibly pay for a bankruptcy attorney......but I know that I will still hear the question at my law firm, Halcomb Singler, LLP....and that is fine with me. I understand that bankruptcy is a scary and unfamiliar process, which is why people call me. I do not expect you to know anything about bankruptcy just as I may know nothing about your profession, but I am happy to answer your questions in a free initial consultation if you are living in Carmel, Noblesville, Zionsville, Fishers, Tipton, Kokomo or the Indianapolis area. Just click here to enter your information if you would like to set up an appointment.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
It is a valid question and one that I have not discussed in detail on my blog....so here goes. I would say that there are three ways that people most often find money to hire a bankruptcy attorney:
1. Income tax refund;
2. Family members;
3. Extra money from not paying credit card/medical bills.
Income tax refund is self-explanatory. For many folks, an income tax refund is a once a year late Christmas. It has been my experience that many people use this lump sum of money to attempt to pay off credit cards, medical bills or car loans. I think that paying down debt is an excellent use of a tax refund for most people. However, for those out there who have reached the end of their financial rope attempting to get out of debt for years with nothing to show for it a tax refund is an excellent way to pay for bankruptcy. So, as tax season creeps up on us again keep your refund in mind as a way to pay down debt or eliminate most debts through Chapter 7 bankruptcy.
Another means I have seen people use to pay a bankruptcy attorney is through family. Often a family member has seen their loved one struggle with debt over a long period of time and wants to help them obtain a fresh start through bankruptcy. I have also seen situations where family members offer to pay a certain sum of money to settle debts or to pay for bankruptcy attorney/filing fees; whichever my client would prefer.
Finally, and probably most commonly, is for the person(s) filing bankruptcy to pay the attorney fees through a payment arrangement with the bankruptcy attorney. Once a person has met with a bankruptcy attorney and made the decision to file bankruptcy he or she will typically stop paying credit card, medical and other unsecured debts (I would not recommend stopping payment on your debt without first consulting with a bankruptcy attorney). Once the client has stopped paying on these monthly debts they have freed up some money to pay the attorney. This can take several months, but many bankruptcy attorneys will accept payment over a period of time.
So I have answered the age-old question of how someone with no money can possibly pay for a bankruptcy attorney......but I know that I will still hear the question at my law firm, Halcomb Singler, LLP....and that is fine with me. I understand that bankruptcy is a scary and unfamiliar process, which is why people call me. I do not expect you to know anything about bankruptcy just as I may know nothing about your profession, but I am happy to answer your questions in a free initial consultation if you are living in Carmel, Noblesville, Zionsville, Fishers, Tipton, Kokomo or the Indianapolis area. Just click here to enter your information if you would like to set up an appointment.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Tuesday, December 6, 2011
Can I Keep a Rental/Vacation House if I file Bankruptcy in Indiana?
Unlike the common perception, many people who are in need of bankruptcy protection have assets. In this housing market I often meet with potential bankruptcy clients at Halcomb Singler who own several houses. It is not uncommon for people to be financially overwhelmed by several rental properties that they are no longer able to rent out at a price that covers the mortgage payment. Others purchased a second home during the housing boom and have now found it difficult to make the mortgage payment on the second property due to the economic downturn. Many potential clients make an appointment because they have received a mortgage foreclosure lawsuit on one of their properties due to a bad renter failing to pay them rent or simply not being able to rent out the property.
Most people I meet with at Halcomb Singler who have more than one home are surprised to hear that there is any chance that they may be able to keep the additional properties. Most of the potential clients I meet with assume that if they file for bankruptcy protection that they will be left with nothing more than the clothes on their backs. This is far from the truth and there are many circumstances in which additional real estate may be retained by a bankruptcy debtor after bankruptcy. However, there are also times where a trustee would object to the debtor retaining additional real estate. Only a bankruptcy lawyer practicing in your district who has met with you to review you case can give you an educated answer, but I will attempt a general discussion regarding the topic.
The analysis regarding a potential debtor being able to retain a second (or third, etc.) property in bankruptcy is really two-fold. The first analysis is whether there are enough exemptions to cover the equity in these additional properties and the second is whether the property is an economic drain.
First, if you own 5 houses outright Chapter 7 bankruptcy is probably not for you. When you file a chapter 7 bankruptcy you are only allowed to have so much equity in houses. In Indiana a married couple filing a bankruptcy may have $35,200.00 in equity in their residence that is exempt from creditors and may have an additional $18,700 in other tangible exemptions, which means equity in non-residental properties and other "stuff" such as your car, household goods, furnishings, jewelry. (These exemptions vary from state to state and only apply to those living and filing bankruptcy in Indiana). However, if you have your primary residence with $10,000.00 in equity and two other rental properties with little to no equity you have passed the first inquiry and may be able to keep them after bankruptcy a Chapter 7 bankruptcy.
If you file a Chapter 13 bankruptcy in Indiana the same exemptions as listed above apply. However, in a Chapter 13 bankruptcy since you make payments to the bankruptcy trustee over 3 to 5 years, so long as your creditors receive more money through your Chapter 13 repayment plan than they would have if you had filed a Chapter 7 bankruptcy and the trustee had liquidated your assets, it is unlikely that your additional equity will cause you to lose these assets through bankruptcy. This test is commonly referred to as "the best interests of creditors test."
If you have met the first inquiry regarding equity in the properties, the second stage of this analysis applies in either a Chapter 7 or a Chapter 13 bankruptcy case and is basically whether it is a good business decision for you to keep each property. If the property "cash flows," meaning that you making more off of each property each month for than it costs for the mortgage, property expenses, and maintenance expenses than that excess income will simply be added to your income in the bankruptcy and you will likely be able to keep the properties if you want. However, if you are having to take a few hundred dollars a month from your other income to keep your rental properties afloat each month, it is likely that the trustee would object to you keeping the properties.
I cannot stress enough that this is an oversimplified explanation of a complex bankruptcy issue. It is always good to meet with a bankruptcy attorney in your area to go over the specifics of your case. If you are stressing out over your financial situation and live in Carmel, Zionsville, Indianapolis, Westfield, Noblesville, Tipton, Kokomo, or anywhere else in central Indiana and would like to talk over your situation give Halcomb Singler a call at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Most people I meet with at Halcomb Singler who have more than one home are surprised to hear that there is any chance that they may be able to keep the additional properties. Most of the potential clients I meet with assume that if they file for bankruptcy protection that they will be left with nothing more than the clothes on their backs. This is far from the truth and there are many circumstances in which additional real estate may be retained by a bankruptcy debtor after bankruptcy. However, there are also times where a trustee would object to the debtor retaining additional real estate. Only a bankruptcy lawyer practicing in your district who has met with you to review you case can give you an educated answer, but I will attempt a general discussion regarding the topic.
The analysis regarding a potential debtor being able to retain a second (or third, etc.) property in bankruptcy is really two-fold. The first analysis is whether there are enough exemptions to cover the equity in these additional properties and the second is whether the property is an economic drain.
First, if you own 5 houses outright Chapter 7 bankruptcy is probably not for you. When you file a chapter 7 bankruptcy you are only allowed to have so much equity in houses. In Indiana a married couple filing a bankruptcy may have $35,200.00 in equity in their residence that is exempt from creditors and may have an additional $18,700 in other tangible exemptions, which means equity in non-residental properties and other "stuff" such as your car, household goods, furnishings, jewelry. (These exemptions vary from state to state and only apply to those living and filing bankruptcy in Indiana). However, if you have your primary residence with $10,000.00 in equity and two other rental properties with little to no equity you have passed the first inquiry and may be able to keep them after bankruptcy a Chapter 7 bankruptcy.
If you file a Chapter 13 bankruptcy in Indiana the same exemptions as listed above apply. However, in a Chapter 13 bankruptcy since you make payments to the bankruptcy trustee over 3 to 5 years, so long as your creditors receive more money through your Chapter 13 repayment plan than they would have if you had filed a Chapter 7 bankruptcy and the trustee had liquidated your assets, it is unlikely that your additional equity will cause you to lose these assets through bankruptcy. This test is commonly referred to as "the best interests of creditors test."
If you have met the first inquiry regarding equity in the properties, the second stage of this analysis applies in either a Chapter 7 or a Chapter 13 bankruptcy case and is basically whether it is a good business decision for you to keep each property. If the property "cash flows," meaning that you making more off of each property each month for than it costs for the mortgage, property expenses, and maintenance expenses than that excess income will simply be added to your income in the bankruptcy and you will likely be able to keep the properties if you want. However, if you are having to take a few hundred dollars a month from your other income to keep your rental properties afloat each month, it is likely that the trustee would object to you keeping the properties.
I cannot stress enough that this is an oversimplified explanation of a complex bankruptcy issue. It is always good to meet with a bankruptcy attorney in your area to go over the specifics of your case. If you are stressing out over your financial situation and live in Carmel, Zionsville, Indianapolis, Westfield, Noblesville, Tipton, Kokomo, or anywhere else in central Indiana and would like to talk over your situation give Halcomb Singler a call at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Friday, December 2, 2011
If you need to file bankruptcy STOP using credit
Many of the potential clients that come to meet with me at Halcomb Singler used a credit card to put gas in their car to get to my office, during their last trip to the grocery store and maybe even for their electric bill. I get it. No one I have ever met with has been out buying big screen televisions or taking a 7 day cruise the week before they meet with me. Most folks considering bankruptcy are just trying to survive financially, and for many of them that means putting everyday living expenses like gas, groceries and utilities on a credit card.
There is nothing wrong with using a credit card for these things. However, at the end of that initial meeting if the potential client tells me that they definitely would like to file bankruptcy one of the first things I do is tell them to stop using credit. This makes many people very nervous. Many have been using credit cards to get by for some time and are afraid that they will not be able to make it from paycheck to paycheck without using credit to fill the gaps.
However, the bankruptcy code dictates if credit is used too close to the filing of a bankruptcy petition that the debt may not be dischargeable. Bankruptcy code section 11 section 523(a)(2)(C)(1)(i) et seq., states that a discharge of bankruptcy does not discharge an individual debtor from any consumer debts owed to a single creditor and aggregating more than $600.00 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable. In addition, cash advances aggregating more than $875.00 that are extension of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relif under this title are presumet o be non-dischargeable.
So what does this mean? It means that if you buy a good or service not reasonably necessary for you or your family on credit that costs more than $600.00 or take a cash advance of $875.00 or more 70 days prior to filing bankruptcy that theses debts are presumed to survive bankruptcy. The easy way to make sure that you aren't stuck with a debt after bankruptcy due because it was deemed to be a luxury is to stop using credit once you have decided to file a bankruptcy.
In addition to being the right thing to do, stopping your use of credit will help you decide how to live your life after bankruptcy, which is really the most important part. What I mean is that many people realize when they stop using credit that they should surrender a car or house that they really cannot afford. Others realize that they are eating out too much. Some realize that they really can afford their house and cars and that it has been the debt payments on credit cards, medical bills, etc., that is causing their financial hardship. Stopping your use of credit will allow you to create an accurate budget based on the reality of your income and will put you on the path to financial success after bankruptcy because how will you ever know what you can actually afford until you stop using credit?
For those who live in Carmel, Indianapolis, Fishers, Noblesvile, Zionsville and the surrounding areas. Halcomb Singler does offer a free initial consultation to discuss bankruptcy. If you would like to schedule an appointment contact us at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
There is nothing wrong with using a credit card for these things. However, at the end of that initial meeting if the potential client tells me that they definitely would like to file bankruptcy one of the first things I do is tell them to stop using credit. This makes many people very nervous. Many have been using credit cards to get by for some time and are afraid that they will not be able to make it from paycheck to paycheck without using credit to fill the gaps.
However, the bankruptcy code dictates if credit is used too close to the filing of a bankruptcy petition that the debt may not be dischargeable. Bankruptcy code section 11 section 523(a)(2)(C)(1)(i) et seq., states that a discharge of bankruptcy does not discharge an individual debtor from any consumer debts owed to a single creditor and aggregating more than $600.00 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable. In addition, cash advances aggregating more than $875.00 that are extension of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relif under this title are presumet o be non-dischargeable.
So what does this mean? It means that if you buy a good or service not reasonably necessary for you or your family on credit that costs more than $600.00 or take a cash advance of $875.00 or more 70 days prior to filing bankruptcy that theses debts are presumed to survive bankruptcy. The easy way to make sure that you aren't stuck with a debt after bankruptcy due because it was deemed to be a luxury is to stop using credit once you have decided to file a bankruptcy.
In addition to being the right thing to do, stopping your use of credit will help you decide how to live your life after bankruptcy, which is really the most important part. What I mean is that many people realize when they stop using credit that they should surrender a car or house that they really cannot afford. Others realize that they are eating out too much. Some realize that they really can afford their house and cars and that it has been the debt payments on credit cards, medical bills, etc., that is causing their financial hardship. Stopping your use of credit will allow you to create an accurate budget based on the reality of your income and will put you on the path to financial success after bankruptcy because how will you ever know what you can actually afford until you stop using credit?
For those who live in Carmel, Indianapolis, Fishers, Noblesvile, Zionsville and the surrounding areas. Halcomb Singler does offer a free initial consultation to discuss bankruptcy. If you would like to schedule an appointment contact us at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Sunday, November 27, 2011
Staying on a Budget is Like Staying on a Diet
Ugh. Like many of you out there I am sitting here writing this blog the Sunday after Thanksgiving feeling fat. I typically do not eat any flour, bread, or refined sugar (or very little of it). Normally, I eat fruit, veggies, meat, nuts and berries and I sure can feel a difference after falling off the wagon for about the past week. I know you are wondering what the heck this has to do with a blog about personal finance and bankruptcy.....but while I am sitting here feeling fat I also just took a glance at my bank account and realized that my husband and I have been on a spending spree that mimics the amount of carbs I have eaten in the past week.
However, the difference is that unlike my eating spree, the excess spending has been going on for a few months. Yes, even though personal finance and bankruptcy is what I do for a living as an attorney with Halcomb Singler.....I too can fall off the financial wagon just like everyone else. And we have fallen off in a more than just death by a hundred small debit transaction way. So I have been sitting here going back over why we have strayed from the budget that I spend so much time updating and analyzing. It is pretty easy to figure out. My husband and I decided to list our condo for sale. Yep....we are attempting to sell our condo in this terrible market. So, what we have been doing is dumping money into making the condo look its best with new paint, fixtures, door knobs, appliances, etc. I wish that I could say that this spending was in the hundreds, but in all truthfulness we have spent thousands over the past 2 months getting the condo listed.
But it is not really the condo expenses that I am overly concerned with......even though it does pain me to soak so much money into a place that we will likely not live in for much longer. The other thing I have noticed is that we have taken the opportunity to spend more money on our condo to spend money in other areas. We have been eating out more often because we have been sooo busy getting our condo up to par that we haven't been cooking anything. We have been spending money on gifts for Christmas without actually mapping out how much we would spend on each person ahead of time. We have been paying others to do things that we should and can do ourselves.
So, I have fallen off the wagon with my finances as well as with my eating. I tell you this because it is not so important that I fell off the wagon, but how myself and my husband are going to get back on track and to make sure that everyone understands that no one is really perfect when it comes to personal finance. Because now that damage has been done it is important that we not only confess that we have been playing hard and fast with our money but also how we can get back on track. To me, this seems similar to what people do when they have binged on junk food while dieting. Notice that I am not making excuses for what I have spent. I am simply acknowledging the problem that I have caused along with my husband and we will sit down together to go back over the budget and to make sure that we are spending within the budget before we do any more crazy spending. So, if you objectively look at your spending are you on track? If you are on track good for you. If you aren't on track don't spend your energy beating yourself up. Spend your time and energy assessing how to fix the problem. Whether it be to cut down on spending, to get a second job, to charge an adult child living in your house rent, etc.
As far as how to fix the eating, consult with a nutrition expert because I am certainly not one :) If you find yourself so off track with your budget that after getting extra work and cutting expenses you are still not able to keep up and are receiving collection calls and even lawsuits I may be able to help. I assist people with bankruptcy and debt settlement. I also try to be honest with people about their budgets without being judgmental. If you would like to meet with me because you are considering debt settlement or bankruptcy and live in Indianapolis or the surrounding areas click here or call my Carmel Indiana office at 317-575-8222. There is no fee for the initial consultation.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
However, the difference is that unlike my eating spree, the excess spending has been going on for a few months. Yes, even though personal finance and bankruptcy is what I do for a living as an attorney with Halcomb Singler.....I too can fall off the financial wagon just like everyone else. And we have fallen off in a more than just death by a hundred small debit transaction way. So I have been sitting here going back over why we have strayed from the budget that I spend so much time updating and analyzing. It is pretty easy to figure out. My husband and I decided to list our condo for sale. Yep....we are attempting to sell our condo in this terrible market. So, what we have been doing is dumping money into making the condo look its best with new paint, fixtures, door knobs, appliances, etc. I wish that I could say that this spending was in the hundreds, but in all truthfulness we have spent thousands over the past 2 months getting the condo listed.
But it is not really the condo expenses that I am overly concerned with......even though it does pain me to soak so much money into a place that we will likely not live in for much longer. The other thing I have noticed is that we have taken the opportunity to spend more money on our condo to spend money in other areas. We have been eating out more often because we have been sooo busy getting our condo up to par that we haven't been cooking anything. We have been spending money on gifts for Christmas without actually mapping out how much we would spend on each person ahead of time. We have been paying others to do things that we should and can do ourselves.
So, I have fallen off the wagon with my finances as well as with my eating. I tell you this because it is not so important that I fell off the wagon, but how myself and my husband are going to get back on track and to make sure that everyone understands that no one is really perfect when it comes to personal finance. Because now that damage has been done it is important that we not only confess that we have been playing hard and fast with our money but also how we can get back on track. To me, this seems similar to what people do when they have binged on junk food while dieting. Notice that I am not making excuses for what I have spent. I am simply acknowledging the problem that I have caused along with my husband and we will sit down together to go back over the budget and to make sure that we are spending within the budget before we do any more crazy spending. So, if you objectively look at your spending are you on track? If you are on track good for you. If you aren't on track don't spend your energy beating yourself up. Spend your time and energy assessing how to fix the problem. Whether it be to cut down on spending, to get a second job, to charge an adult child living in your house rent, etc.
As far as how to fix the eating, consult with a nutrition expert because I am certainly not one :) If you find yourself so off track with your budget that after getting extra work and cutting expenses you are still not able to keep up and are receiving collection calls and even lawsuits I may be able to help. I assist people with bankruptcy and debt settlement. I also try to be honest with people about their budgets without being judgmental. If you would like to meet with me because you are considering debt settlement or bankruptcy and live in Indianapolis or the surrounding areas click here or call my Carmel Indiana office at 317-575-8222. There is no fee for the initial consultation.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Friday, November 18, 2011
Surrendering Your Home in Bankruptcy? What can you take?
It is not uncommon for bankruptcy debtors at Halcomb Singler, LLP, to ask me about what they can take when leaving their home. The most common question I receive is whether the debtors can take their appliances when they leave the house so that they can use them in their next house, rental property, etc.
Recently the Southern District of Indiana bankruptcy court, in Mutual Bank fna Mutual Federal Savings Bank v. Doughty (11-50075) a debtor had a mortgage and had obtained several secured loans from Mutual Federal Savings Bank. Just prior to filing bankruptcy the debtor contacted the bank and told them that all of the secured property (mostly farming equipment) had been sold and that there was nothing left in the house. A bank representative confirmed upon later inspection of the house that all of the fixtures, flooring, floor covering, fixtures, the air conditioning and heating units, toilets, plumbing and cabinets. The court also found that the debtor had lied under oath about some of his equipment, stating it had been sold when in reality it was found in good working condition at the farm of a close relative.
Mutual Federal Savings Bank filed an adversary proceeding asking the Court to determine that over $200,000.00 should be deemed non-dischargeable in the Debtor's bankruptcy due to his willful and malicious acts. The court found that the debt should not be discharged in Doughty's bankruptcy, finding that the Debtor either stripped the real property or failed to protect the real property from being stripped of all of its contents, which amounted to a willful and malicious injury. This is a gross oversimplification of this case in which the Debtor committed several bad acts, all of which would not be advised in bankruptcy.
However, for our purposes, what I believe is important from this case is that it is not appropriate to go through a home you are surrendering in bankruptcy and take what you would like, leaving the bank with the shell of a house and whatever you deemed unsuitable. In addition, a bank may decide it worthwhile to file an adversary proceeding against you in your underlying bankruptcy. Bankruptcy is an opportunity for a fresh financial start and should not be looked at as an opportunity to poach all of the property in a home on the way out. In general, it is my opinion that it is best to leave behind any fixtures, appliances, etc., that you would leave with the house if you sold it rather than if you surrendered it through bankruptcy.
If you have questions regarding whether bankruptcy would be of benefit to you and live in Marion, Hamilton, Boone, Tipton or Madison County, Indiana, I would be happy to meet with you to discuss your situation free of charge. Just give Halcomb Singler, LLP, a call at 317-575-8222.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Recently the Southern District of Indiana bankruptcy court, in Mutual Bank fna Mutual Federal Savings Bank v. Doughty (11-50075) a debtor had a mortgage and had obtained several secured loans from Mutual Federal Savings Bank. Just prior to filing bankruptcy the debtor contacted the bank and told them that all of the secured property (mostly farming equipment) had been sold and that there was nothing left in the house. A bank representative confirmed upon later inspection of the house that all of the fixtures, flooring, floor covering, fixtures, the air conditioning and heating units, toilets, plumbing and cabinets. The court also found that the debtor had lied under oath about some of his equipment, stating it had been sold when in reality it was found in good working condition at the farm of a close relative.
Mutual Federal Savings Bank filed an adversary proceeding asking the Court to determine that over $200,000.00 should be deemed non-dischargeable in the Debtor's bankruptcy due to his willful and malicious acts. The court found that the debt should not be discharged in Doughty's bankruptcy, finding that the Debtor either stripped the real property or failed to protect the real property from being stripped of all of its contents, which amounted to a willful and malicious injury. This is a gross oversimplification of this case in which the Debtor committed several bad acts, all of which would not be advised in bankruptcy.
However, for our purposes, what I believe is important from this case is that it is not appropriate to go through a home you are surrendering in bankruptcy and take what you would like, leaving the bank with the shell of a house and whatever you deemed unsuitable. In addition, a bank may decide it worthwhile to file an adversary proceeding against you in your underlying bankruptcy. Bankruptcy is an opportunity for a fresh financial start and should not be looked at as an opportunity to poach all of the property in a home on the way out. In general, it is my opinion that it is best to leave behind any fixtures, appliances, etc., that you would leave with the house if you sold it rather than if you surrendered it through bankruptcy.
If you have questions regarding whether bankruptcy would be of benefit to you and live in Marion, Hamilton, Boone, Tipton or Madison County, Indiana, I would be happy to meet with you to discuss your situation free of charge. Just give Halcomb Singler, LLP, a call at 317-575-8222.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Monday, November 14, 2011
The Guaranteed Way to Torpedo Your Budget
It has taken me days and years to come to this conclusion and I am pretty exited to share it. I have certainly met with hundreds of people to talk about bankruptcy and debt settlement clients. At the beginning of each meeting I typically introduce myself and ask what has brought them in to meet with me so that I am able to get an idea of what is going on in their lives before we dive into the numbers.....but we always do dive into the numbers. What I tell the people I meet with at Halcomb Singler that I need them to know prior to meeting with me are the following: 1) net household income, 2) household expenses, 3) debt and 4) value of assets.
Please keep in mind that people who are struggling with their debts typically don't seek advice from me until they have attempted to pay down their debts on their own. By the time people meet with me they have typically sat down and calculated their income and expenses. It is also normal that they have cut out any extras such as cable or a home phone and aren't budgeting for much in the way of entertainment. It is also typical that they are not budgeting for car repairs or clothing. They are intensely focused on paying only for their bare necessities and putting every other extra dollar toward paying down debt. Most of you are probably reading this wondering what else a person could do and wondering what on earth I am going to say is wrong about trying to pay down your debt as aggressively as you can.
Well, there is nothing wrong with attempting to pay down debt aggressively. However, I still think in order to be successful in paying down debt that you must budget for things like clothing, car repairs and entertainment. True, this lessens the amount of money you have to pay down debt. But is it realistic that you are going to be able to go ten, eleven, twelve, etc., months without buying any clothing or renting a movie?? Maybe....if you have more discipline than most. However, in my opinion setting a budget with no wiggle room for anything other than the bare necessities so that every extra penny goes to paying off debt is akin to going on a fad diet....at the end of the diet you are going to gorge yourself on every bad food in sight and gain back all the weight you lost plus some. What I am saying is that you deprive yourself of renting a movie, buying a pair of inexpensive shoes, taking your family out to eat long enough (especially if you had been in the habit of doing all of these things prior to going on the bare minimum budget) that every once in a while you are going to completely fall off the wagon and go on a buying spree.
Would it work better for you to set a minimal entertainment, clothing, or eating out budget if you could stay on track? Are you the type of person who can maintain financial discipline for a small amount of time? I am not saying that there is no merit to paying as much money towards debt each month. But to me it makes sense to have a little set aside for entertainment, clothing and don't forget how important it is to set aside some money for an emergency fund prior to going on your debt crusade.
I would love to see some comments about which of these tactics for paying down debt have worked.....or any others that I haven't discussed.
If you are considering bankruptcy and live in Indianapolis, Carmel, Noblesville, Fishers, Zionsville, Tipton, Kokomo, Anderson or any of the surrounding areas feel free to contact me. Halcomb Singler offers a free initial consultation for those considering bankruptcy. At Halcomb Singler we try to focus on finding solutions to debt instead of judging or placing blame on how debt was accumulated. We do not pressure clients to file bankruptcy, but will answer any questions you have regarding bankruptcy or debt settlement.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Please keep in mind that people who are struggling with their debts typically don't seek advice from me until they have attempted to pay down their debts on their own. By the time people meet with me they have typically sat down and calculated their income and expenses. It is also normal that they have cut out any extras such as cable or a home phone and aren't budgeting for much in the way of entertainment. It is also typical that they are not budgeting for car repairs or clothing. They are intensely focused on paying only for their bare necessities and putting every other extra dollar toward paying down debt. Most of you are probably reading this wondering what else a person could do and wondering what on earth I am going to say is wrong about trying to pay down your debt as aggressively as you can.
Well, there is nothing wrong with attempting to pay down debt aggressively. However, I still think in order to be successful in paying down debt that you must budget for things like clothing, car repairs and entertainment. True, this lessens the amount of money you have to pay down debt. But is it realistic that you are going to be able to go ten, eleven, twelve, etc., months without buying any clothing or renting a movie?? Maybe....if you have more discipline than most. However, in my opinion setting a budget with no wiggle room for anything other than the bare necessities so that every extra penny goes to paying off debt is akin to going on a fad diet....at the end of the diet you are going to gorge yourself on every bad food in sight and gain back all the weight you lost plus some. What I am saying is that you deprive yourself of renting a movie, buying a pair of inexpensive shoes, taking your family out to eat long enough (especially if you had been in the habit of doing all of these things prior to going on the bare minimum budget) that every once in a while you are going to completely fall off the wagon and go on a buying spree.
Would it work better for you to set a minimal entertainment, clothing, or eating out budget if you could stay on track? Are you the type of person who can maintain financial discipline for a small amount of time? I am not saying that there is no merit to paying as much money towards debt each month. But to me it makes sense to have a little set aside for entertainment, clothing and don't forget how important it is to set aside some money for an emergency fund prior to going on your debt crusade.
I would love to see some comments about which of these tactics for paying down debt have worked.....or any others that I haven't discussed.
If you are considering bankruptcy and live in Indianapolis, Carmel, Noblesville, Fishers, Zionsville, Tipton, Kokomo, Anderson or any of the surrounding areas feel free to contact me. Halcomb Singler offers a free initial consultation for those considering bankruptcy. At Halcomb Singler we try to focus on finding solutions to debt instead of judging or placing blame on how debt was accumulated. We do not pressure clients to file bankruptcy, but will answer any questions you have regarding bankruptcy or debt settlement.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Tuesday, November 8, 2011
Refinancing through Auto Loan Reaffirmation Negotiation in Indiana Bankruptcy
Before I get too far into negotiation of reaffirmation agreements, it would probably be helpful to review exactly what is a reaffirmation agreement and what does it have to do with Indiana bankruptcy?
To put it simply, a reaffirmation agreement is a contract between a person who has filed bankruptcy (called a debtor) and a creditor with a secured interest owed money in a Chapter 7 bankruptcy. When a person files a bankruptcy petition he or she must list all of his creditors. This includes creditors for a vehicle or house the debtor wishes to keep. As I often tell folks I meet with that you can't pick and choose which debts to include in bankruptcy.....all debts must be listed in your bankruptcy petition. However, that does not mean you cannot keep your car or house in bankruptcy. A reaffirmation agreement is a contract that basically says that even though you could walk away from your house, vehicle, or other secured property and not owe any more money on that debt after bankruptcy that you would like to keep the property, to continue to make the payments on the property and if after the bankruptcy the property is repossessed you agree that you are liable for the deficiency on that property. For example, if you would like to keep a car that you still owe money on after bankruptcy your bankruptcy attorney could obtain a reaffirmation agreement stating that your regular monthly payments would continue until the car was paid in full. If you sign that agreement and the bankruptcy court approves it you can keep the vehicle so long as you continue to make the payments. However, if you get behind on the payments a year after your bankruptcy is discharged and it gets repossessed you are on the hook for the money owed.
While it has been my experience that mortgage companies will not often negotiate on the terms of a reaffirmation agreement, it is sometimes possible to negotiate the terms of a reaffirmation for an auto loan. For example, if you owe $14,000.00 on your vehicle at a rate of 12% interest and a payment of $375.00 per month (I am sure that this payment does not line up at all with these numbers...this is for illustration only), you may be able to change the terms of your repayment to favor you after bankruptcy. Perhaps you can decrease the interest rate thereby lowering your payment or decreasing the amount of time you will need to pay on the vehicle loan prior to paying it off. In my experience, the higher the interest rate and the less valuable the vehicle, the better the odds that your creditor will agree to a reduction of your interest rates and/or payments. My thought is that the creditor realizes that the secured property is not worth what is owed on the loan and knows if the debtor surrenders the vehicle the lender will make less than if the lender agreed to modify the terms of the reaffirmation agreement. However, there is no obligation for a lender to change the terms. The way I see it, there is no harm in asking whether your auto loan can be modified via reaffirmation agreement. It is simply one more way that Chapter 7 bankruptcy can help a debtor obtain a fresh start after bankruptcy.
If you have questions about bankruptcy and are considering filing, call my office to schedule an appointment (317) 575-8222. There is no fee for this initial consultation for those considering filing bankruptcy. I am happy to meet with you to answer your questions and let you know what is and is not possible through bankruptcy.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
To put it simply, a reaffirmation agreement is a contract between a person who has filed bankruptcy (called a debtor) and a creditor with a secured interest owed money in a Chapter 7 bankruptcy. When a person files a bankruptcy petition he or she must list all of his creditors. This includes creditors for a vehicle or house the debtor wishes to keep. As I often tell folks I meet with that you can't pick and choose which debts to include in bankruptcy.....all debts must be listed in your bankruptcy petition. However, that does not mean you cannot keep your car or house in bankruptcy. A reaffirmation agreement is a contract that basically says that even though you could walk away from your house, vehicle, or other secured property and not owe any more money on that debt after bankruptcy that you would like to keep the property, to continue to make the payments on the property and if after the bankruptcy the property is repossessed you agree that you are liable for the deficiency on that property. For example, if you would like to keep a car that you still owe money on after bankruptcy your bankruptcy attorney could obtain a reaffirmation agreement stating that your regular monthly payments would continue until the car was paid in full. If you sign that agreement and the bankruptcy court approves it you can keep the vehicle so long as you continue to make the payments. However, if you get behind on the payments a year after your bankruptcy is discharged and it gets repossessed you are on the hook for the money owed.
While it has been my experience that mortgage companies will not often negotiate on the terms of a reaffirmation agreement, it is sometimes possible to negotiate the terms of a reaffirmation for an auto loan. For example, if you owe $14,000.00 on your vehicle at a rate of 12% interest and a payment of $375.00 per month (I am sure that this payment does not line up at all with these numbers...this is for illustration only), you may be able to change the terms of your repayment to favor you after bankruptcy. Perhaps you can decrease the interest rate thereby lowering your payment or decreasing the amount of time you will need to pay on the vehicle loan prior to paying it off. In my experience, the higher the interest rate and the less valuable the vehicle, the better the odds that your creditor will agree to a reduction of your interest rates and/or payments. My thought is that the creditor realizes that the secured property is not worth what is owed on the loan and knows if the debtor surrenders the vehicle the lender will make less than if the lender agreed to modify the terms of the reaffirmation agreement. However, there is no obligation for a lender to change the terms. The way I see it, there is no harm in asking whether your auto loan can be modified via reaffirmation agreement. It is simply one more way that Chapter 7 bankruptcy can help a debtor obtain a fresh start after bankruptcy.
If you have questions about bankruptcy and are considering filing, call my office to schedule an appointment (317) 575-8222. There is no fee for this initial consultation for those considering filing bankruptcy. I am happy to meet with you to answer your questions and let you know what is and is not possible through bankruptcy.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Thursday, November 3, 2011
Choosing an Indianapolis Bankruptcy Attorney Based on Fees Alone
At least a few times a month I receive a telephone call at my office, Halcomb Singler, LLP, asking how much the fees are for a Chapter 7 bankruptcy. I understand that those considering bankruptcy are extremely conscious of price and that is why they call around to several law firms to get a price quote. However, I do not believe that choosing an Indianapolis Bankruptcy attorney should be based on price alone and I want to tell you why.
First of all, it is next to impossible for me to quote a bankruptcy fee over the phone. This is because I know nothing about you or your situation. I do not know whether you need to reaffirm real property, whether you have a high likelihood of having an adversary proceeding filed against you, whether you own/operate your own business, etc. All of these things (and more) factor in to the price I would charge for a bankruptcy. I find it best to meet with a potential client in person. That way I am able to ask many questions, answer the potential client's questions, and the potential client and I can see each other face to face prior to my quoting a flat fee. Since there is no charge or obligation after the first meeting, potential clients at Halcomb Singler, LLP, walk out knowing exactly what they would need to do and pay in order to move the process forward, but they have no obligation to do so.
There is no doubt that attorneys in the Indianapolis area charge a varied amount for Chapter 7 and Chapter 13 cases. However, I also believe the range of fees can also be indicative of the range of service one receives from his or her bankruptcy attorney. For example, there are several law firms in downtown Indianapolis set up very close to the federal court building where bankruptcy 341 hearings are held that are often referred to as "bankruptcy mills" by attorneys. I assume the business models of these firms are to keep prices as low as possible based on representing many, many people in bankruptcy. There is certainly nothing inherently wrong with practicing in this manner. However, I have had several clients come to my office after meeting with an attorney at a bankruptcy mill because they felt rushed or felt that the attorney was only interested in "signing them up" for bankruptcy and not interested in discussing how they could potentially avoid bankruptcy all together. In some instances these law firms actually play a video of an attorney telling you what they think you need to know about bankruptcy and the attorney only comes in at the end of the meeting to see if you have any questions.
Another factor to take into consideration prior to blindly choosing the most inexpensive attorney is how attentive that attorney will be to you. Will the attorney return your telephone calls or e-mails? Remember that there are only so many hours in a day. If an attorney has 150 bankruptcy cases pending in his or her office he or she will have less time to respond to e-mails and telephone calls than an attorney who handles less cases. Unfortunately, attorneys are know for failing to return telephone calls and I have found that this reputation is well-deserved in some cases.
Consider why you are paying less. The attorney at the cheapest firm, the most expensive firm, and the firm somewhere in the middle all went to law school and have all been licensed to practice law in the state of Indiana. So why the price difference? Other than volume, cost is also lowered by non-attorney assistants preparing bankruptcy petitions and taking telephone calls. Another way that these firms sometimes lower their fees is to pay another attorney (one who you have likely never met) to appear at your court hearing. At Halcomb Singler I handle bankruptcy cases personally. I have never had an attorney from another law firm cover a 341 hearing for one of my bankruptcy clients because I realize that the hearing is a stressful event for most debtors and I would like it to proceed as smoothly as possible. In addition, I would like to be there in the event that any problems come up. Although it is rare that a problem develops at the 341 hearing, I do not want to count on attorney from outside of my law firm handling the problem.
The bottom line as I see it is bankruptcy attorneys who handle fewer cases have more time to devote to each case and each client. Although the fee is one thing to take into consideration, it is not everything. After all, once you have decided to file bankruptcy you will likely be directed by your attorney to stop paying some bills which will free up cash to pay the attorney. In addition, if you need to file bankruptcy you need to get out from under a significant amount of debt. Wouldn't you prefer that your bankruptcy attorney have less clients pulling him or her in multiple directions and more time to make sure that all of your dischargeable debt goes away? And don't fall into the trap of assuming that you have a "simple" bankruptcy. I have yet for a client to walk in the door and tell me that they have anything but a simple bankruptcy. As the old saying goes, "you don't know what you don't know." Are you really qualified to know that your case is simple? I wouldn't know whether my HVAC fix was simple.....that would be why I would ask an HVAC repair person....you get my point.
Anyway, if you are looking for an attorney in Indianapolis to represent you in a bankruptcy or if you aren't sure whether bankruptcy is right for you or not give me a call at (317) 575-8222 or click here to fill out our form and we will contact you. I'm not going to give you a quote for a fee over the phone, but I am more than happy to sit down with you, go over your situation, answer your questions and quote my flat fee.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
First of all, it is next to impossible for me to quote a bankruptcy fee over the phone. This is because I know nothing about you or your situation. I do not know whether you need to reaffirm real property, whether you have a high likelihood of having an adversary proceeding filed against you, whether you own/operate your own business, etc. All of these things (and more) factor in to the price I would charge for a bankruptcy. I find it best to meet with a potential client in person. That way I am able to ask many questions, answer the potential client's questions, and the potential client and I can see each other face to face prior to my quoting a flat fee. Since there is no charge or obligation after the first meeting, potential clients at Halcomb Singler, LLP, walk out knowing exactly what they would need to do and pay in order to move the process forward, but they have no obligation to do so.
There is no doubt that attorneys in the Indianapolis area charge a varied amount for Chapter 7 and Chapter 13 cases. However, I also believe the range of fees can also be indicative of the range of service one receives from his or her bankruptcy attorney. For example, there are several law firms in downtown Indianapolis set up very close to the federal court building where bankruptcy 341 hearings are held that are often referred to as "bankruptcy mills" by attorneys. I assume the business models of these firms are to keep prices as low as possible based on representing many, many people in bankruptcy. There is certainly nothing inherently wrong with practicing in this manner. However, I have had several clients come to my office after meeting with an attorney at a bankruptcy mill because they felt rushed or felt that the attorney was only interested in "signing them up" for bankruptcy and not interested in discussing how they could potentially avoid bankruptcy all together. In some instances these law firms actually play a video of an attorney telling you what they think you need to know about bankruptcy and the attorney only comes in at the end of the meeting to see if you have any questions.
Another factor to take into consideration prior to blindly choosing the most inexpensive attorney is how attentive that attorney will be to you. Will the attorney return your telephone calls or e-mails? Remember that there are only so many hours in a day. If an attorney has 150 bankruptcy cases pending in his or her office he or she will have less time to respond to e-mails and telephone calls than an attorney who handles less cases. Unfortunately, attorneys are know for failing to return telephone calls and I have found that this reputation is well-deserved in some cases.
Consider why you are paying less. The attorney at the cheapest firm, the most expensive firm, and the firm somewhere in the middle all went to law school and have all been licensed to practice law in the state of Indiana. So why the price difference? Other than volume, cost is also lowered by non-attorney assistants preparing bankruptcy petitions and taking telephone calls. Another way that these firms sometimes lower their fees is to pay another attorney (one who you have likely never met) to appear at your court hearing. At Halcomb Singler I handle bankruptcy cases personally. I have never had an attorney from another law firm cover a 341 hearing for one of my bankruptcy clients because I realize that the hearing is a stressful event for most debtors and I would like it to proceed as smoothly as possible. In addition, I would like to be there in the event that any problems come up. Although it is rare that a problem develops at the 341 hearing, I do not want to count on attorney from outside of my law firm handling the problem.
The bottom line as I see it is bankruptcy attorneys who handle fewer cases have more time to devote to each case and each client. Although the fee is one thing to take into consideration, it is not everything. After all, once you have decided to file bankruptcy you will likely be directed by your attorney to stop paying some bills which will free up cash to pay the attorney. In addition, if you need to file bankruptcy you need to get out from under a significant amount of debt. Wouldn't you prefer that your bankruptcy attorney have less clients pulling him or her in multiple directions and more time to make sure that all of your dischargeable debt goes away? And don't fall into the trap of assuming that you have a "simple" bankruptcy. I have yet for a client to walk in the door and tell me that they have anything but a simple bankruptcy. As the old saying goes, "you don't know what you don't know." Are you really qualified to know that your case is simple? I wouldn't know whether my HVAC fix was simple.....that would be why I would ask an HVAC repair person....you get my point.
Anyway, if you are looking for an attorney in Indianapolis to represent you in a bankruptcy or if you aren't sure whether bankruptcy is right for you or not give me a call at (317) 575-8222 or click here to fill out our form and we will contact you. I'm not going to give you a quote for a fee over the phone, but I am more than happy to sit down with you, go over your situation, answer your questions and quote my flat fee.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Sunday, October 30, 2011
Have a Great Holiday Season Without Going Broke
With Halloween tomorrow the holidays are just right around the corner! The holiday season is an especially great time of the year and I hope that all of my readers are lucky enough to be able to celebrate them with friends and family. And although the holiday season is not all about gifts, it is certainly a part of the holiday season that can stress out anyone who is on a budget or trying to get out of debt
In a perfect world you would have been setting aside a certain amount each month to budget for your holiday gifts. However, I realize that we aren't in a perfect world. But it is better to start planning for your holiday spending now than to wait until December 15th. So, if you find yourself entering the holiday season without a clear plan for spending it isn't too late. First, figure out how much you can afford to spend. Be realistic. By setting your budget a little further out from the holidays your emotions are less likely to get in the way of the numbers.
If you do not have a lot of money to spend on holiday gifts there are some methods families can use to make a budget stretch. One method is to cut out gifts for every single family member. For example, in my family, all of the adults choose one name out of a hat and buy 1 gift for that person instead of buying 4 gifts. This is an especially good idea for families when no one in the family really needs anything. Another idea in a family that has many children is for the adults to skip buying for the other adults and to only buy presents for the children. Finally, don't go overboard on children....especially those who are young enough that they will not even remember the holiday. I think Dave Ramsey says it well when he asks parents not to spend all of their money on plastic stuff for their kids.
Another area of holiday spending is money spent on gifts for those who are not family. I'm talking about the dog sitter, the teacher, the tutor, the horseback riding instructor, the cleaning lady, etc. The list really could go on and on. There is often pressure to give and give and give no matter how much money you have. One great way to save money on these presents for those in your life you want to recognize at the holiday season is with baking. My mom used to bake many pumpkin bread loafs to distribute to the neighbors, my teachers, coaches, etc. This is an inexpensive way to be able to give and those who receive will certainly appreciate the gesture.
Finally, if you are truly strapped for cash this holiday season (I'm talking about having a difficult time paying the electric bill and putting the groceries on a credit card), be honest about this with your family. I know that this is a very, very difficult thing to do...especially if you have children. However, this is a hidden opportunity to teach children the value of money and that there are limits to the amount that can be spent on gifts. It is also a great opportunity to focus on the faith of the holiday season and remind your children that the holidays are not about gifts wrapped up in paper. If you do not have children, but typically exchange gifts with family, just be honest. Lets face it. The economy hasn't exactly been great for the last few years. If you can't afford to give gifts this year your family will understand.
If you have an idea for how to have a great holiday season without going broke please feel free to post a comment. I would love to read your ideas and I am sure the other readers of the blog would be interested as well. Have a safe and happy Halloween tomorrow and be sure to eat too much candy!
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
In a perfect world you would have been setting aside a certain amount each month to budget for your holiday gifts. However, I realize that we aren't in a perfect world. But it is better to start planning for your holiday spending now than to wait until December 15th. So, if you find yourself entering the holiday season without a clear plan for spending it isn't too late. First, figure out how much you can afford to spend. Be realistic. By setting your budget a little further out from the holidays your emotions are less likely to get in the way of the numbers.
If you do not have a lot of money to spend on holiday gifts there are some methods families can use to make a budget stretch. One method is to cut out gifts for every single family member. For example, in my family, all of the adults choose one name out of a hat and buy 1 gift for that person instead of buying 4 gifts. This is an especially good idea for families when no one in the family really needs anything. Another idea in a family that has many children is for the adults to skip buying for the other adults and to only buy presents for the children. Finally, don't go overboard on children....especially those who are young enough that they will not even remember the holiday. I think Dave Ramsey says it well when he asks parents not to spend all of their money on plastic stuff for their kids.
Another area of holiday spending is money spent on gifts for those who are not family. I'm talking about the dog sitter, the teacher, the tutor, the horseback riding instructor, the cleaning lady, etc. The list really could go on and on. There is often pressure to give and give and give no matter how much money you have. One great way to save money on these presents for those in your life you want to recognize at the holiday season is with baking. My mom used to bake many pumpkin bread loafs to distribute to the neighbors, my teachers, coaches, etc. This is an inexpensive way to be able to give and those who receive will certainly appreciate the gesture.
Finally, if you are truly strapped for cash this holiday season (I'm talking about having a difficult time paying the electric bill and putting the groceries on a credit card), be honest about this with your family. I know that this is a very, very difficult thing to do...especially if you have children. However, this is a hidden opportunity to teach children the value of money and that there are limits to the amount that can be spent on gifts. It is also a great opportunity to focus on the faith of the holiday season and remind your children that the holidays are not about gifts wrapped up in paper. If you do not have children, but typically exchange gifts with family, just be honest. Lets face it. The economy hasn't exactly been great for the last few years. If you can't afford to give gifts this year your family will understand.
If you have an idea for how to have a great holiday season without going broke please feel free to post a comment. I would love to read your ideas and I am sure the other readers of the blog would be interested as well. Have a safe and happy Halloween tomorrow and be sure to eat too much candy!
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Wednesday, October 26, 2011
Don't Give Up if Your Indiana Mortgage Settlement Conference Fails
During my time as an attorney at Halcomb Singler and at my previous law firm I have attended several settlement conferences in Hamilton County, Indiana. If you have been on the receiving end of a mortgage foreclosure lawsuit in the last several months you may have noticed a document served with the initial complaint and summons giving you the right to request a settlement conference. I'll give you a nickel's worth of free advice.......fill out the settlement conference request form and send it back to the Court. If you want to try to stay in your house you should request a settlement conference.
An Indiana mortgage foreclosure settlement conference is nothing to be nervous about and might end in a way for you to keep your house. You can expect that this conference will typically be at your local courthouse, but will not be in a courtroom in front of a judge. In Hamilton County these conferences have been taking place in the jury assembly room or in a room off of the planning commission. So, don't stay up all night attempting to write out your plea or argument to the judge....because he or she will not be found at your settlement conference. What you can expect to find at an Indiana settlement conference is an attorney who represents your mortgage lender and a phone. The phone is there so that the attorney can call someone at the mortgage company who is required to be available at the time of your settlement conference to determine whether the lender wants to allow a modification to your loan.
Unfortunately, the attorney there for the bank probably knows little to nothing about your case. It is unlikely that the attorney has read the hardship letters you have written or reviewed your bank statements. If I am brutally honest it is unlikely that the attorney would know your name without looking at his or her file. Also, the attorney typically has no real bearing on what your mortgage lender will or will not do at the settlement conference.
The decision-maker at a settlement conference is typically going to be the person on the phone. In order for the person on the phone to give you an answer about whether they can in some way modify your loan it is important that you provide all of the requested documentation. Prior to the settlement conference you will receive a list of documents required to be submitted for the lender's review. These documents typically include recent pay stubs, bank statements, a budget of your expenses, a hardship letter, etc. Chances are that you have submitted these documents 5 to 10 times to your mortgage lender already. Even if this is true, just go ahead and submit them again and bring a copy of all of the documents you submitted to the settlement conference.
I believe that each homeowner should at least mentally prepare to tell the mortgage lender representative on the phone what the homeowner can do to keep the house. In my opinion, dwelling on all of the negatives that likely led the homeowner to get behind on the house should not be the focus of this conversation. Instead, the homeowner should focus on what they can do at that moment to get back to being current or what type of payment they could afford to make, etc. For example, if your mortgage payment with taxes and insurance is $1100.00 per month and you can no longer afford that payment, but would be able to afford $850.00 let the mortgage lender representative know that. If you could also get some money from a relative, from your own savings, because you have recently sold something, etc., then tell the mortgage lender that too. My point is that if you focus on how bad the economy is, how no one has a job, how broke you are and how it is all the mortgage company's fault (all of which may be true) then you are giving the mortgage lender representative all the information they need to report to the lender and the Court that you have no money and no means to repay and to report that the settlement conference was unsuccessful. And, you have a very limited time to get your point across because there is likely another settlement conference scheduled 15 minutes after yours started.
That's right. At the end of the 15 minute settlement conference if that one person on the phone from the mortgage lender isn't convinced that you can pay the lender then they will simply say something to the effect of, we are sorry, but we do not believe that a settlement is feasible in this case and we will report an unfavorable settlement conference to the court. It is really that simple. Again, there is no judge to rule at this time....it is really more of a unilateral mortgage determination and less of a settlement conference.
While some mortgage foreclosure settlement conferences in Indiana do end with great success including reduced payments, reduced interest rates, mortgage arrearages at the end of the loan, etc....the vast majority end in failure. However, just because your settlement conference has failed does not mean that you are doomed to lose you house. If you have income sufficient to pay your house payment and as little as $100.00 left after you pay for your living expenses (living expenses does not include credit card payments) at the end of a month, then you may qualify for a Chapter 13 bankruptcy. Although the sound of bankruptcy is scary to many people, a Chapter 13 bankruptcy is a method you may be able to use to force your mortgage lender to begin accepting payments from you again and to accept take payments over 3 to 5 years on your mortgage arrearage. The best part of Chapter 13 is that it does not require approval from your mortgage lender....only approval of the bankruptcy court.
Most individuals have little knowledge of how a Chapter 13 bankruptcy works and have many misconceptions including that you will lose all of your personal possessions, etc. If you are at your wits end with your mortgage lender and have gone through an unsuccessful settlement conference Chapter 13 may be able to help you. If you are a good candidate for a Chapter 13 bankruptcy it is possible to stop the mortgage foreclosure process and the stress that goes along with it and for you to make payments on your home again. If you live in Indianapolis, Carmel, Fishers, Noblesville, Zionsville, Kokomo, Tipton or the surrounding areas and would like to meet with me for a free initial consultation to better understand Chapter 13 bankruptcy and how it may help you stay in your home please feel free to contact me at 317-575-8222 or click here to fill out our form and our office will contact you.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
An Indiana mortgage foreclosure settlement conference is nothing to be nervous about and might end in a way for you to keep your house. You can expect that this conference will typically be at your local courthouse, but will not be in a courtroom in front of a judge. In Hamilton County these conferences have been taking place in the jury assembly room or in a room off of the planning commission. So, don't stay up all night attempting to write out your plea or argument to the judge....because he or she will not be found at your settlement conference. What you can expect to find at an Indiana settlement conference is an attorney who represents your mortgage lender and a phone. The phone is there so that the attorney can call someone at the mortgage company who is required to be available at the time of your settlement conference to determine whether the lender wants to allow a modification to your loan.
Unfortunately, the attorney there for the bank probably knows little to nothing about your case. It is unlikely that the attorney has read the hardship letters you have written or reviewed your bank statements. If I am brutally honest it is unlikely that the attorney would know your name without looking at his or her file. Also, the attorney typically has no real bearing on what your mortgage lender will or will not do at the settlement conference.
The decision-maker at a settlement conference is typically going to be the person on the phone. In order for the person on the phone to give you an answer about whether they can in some way modify your loan it is important that you provide all of the requested documentation. Prior to the settlement conference you will receive a list of documents required to be submitted for the lender's review. These documents typically include recent pay stubs, bank statements, a budget of your expenses, a hardship letter, etc. Chances are that you have submitted these documents 5 to 10 times to your mortgage lender already. Even if this is true, just go ahead and submit them again and bring a copy of all of the documents you submitted to the settlement conference.
I believe that each homeowner should at least mentally prepare to tell the mortgage lender representative on the phone what the homeowner can do to keep the house. In my opinion, dwelling on all of the negatives that likely led the homeowner to get behind on the house should not be the focus of this conversation. Instead, the homeowner should focus on what they can do at that moment to get back to being current or what type of payment they could afford to make, etc. For example, if your mortgage payment with taxes and insurance is $1100.00 per month and you can no longer afford that payment, but would be able to afford $850.00 let the mortgage lender representative know that. If you could also get some money from a relative, from your own savings, because you have recently sold something, etc., then tell the mortgage lender that too. My point is that if you focus on how bad the economy is, how no one has a job, how broke you are and how it is all the mortgage company's fault (all of which may be true) then you are giving the mortgage lender representative all the information they need to report to the lender and the Court that you have no money and no means to repay and to report that the settlement conference was unsuccessful. And, you have a very limited time to get your point across because there is likely another settlement conference scheduled 15 minutes after yours started.
That's right. At the end of the 15 minute settlement conference if that one person on the phone from the mortgage lender isn't convinced that you can pay the lender then they will simply say something to the effect of, we are sorry, but we do not believe that a settlement is feasible in this case and we will report an unfavorable settlement conference to the court. It is really that simple. Again, there is no judge to rule at this time....it is really more of a unilateral mortgage determination and less of a settlement conference.
While some mortgage foreclosure settlement conferences in Indiana do end with great success including reduced payments, reduced interest rates, mortgage arrearages at the end of the loan, etc....the vast majority end in failure. However, just because your settlement conference has failed does not mean that you are doomed to lose you house. If you have income sufficient to pay your house payment and as little as $100.00 left after you pay for your living expenses (living expenses does not include credit card payments) at the end of a month, then you may qualify for a Chapter 13 bankruptcy. Although the sound of bankruptcy is scary to many people, a Chapter 13 bankruptcy is a method you may be able to use to force your mortgage lender to begin accepting payments from you again and to accept take payments over 3 to 5 years on your mortgage arrearage. The best part of Chapter 13 is that it does not require approval from your mortgage lender....only approval of the bankruptcy court.
Most individuals have little knowledge of how a Chapter 13 bankruptcy works and have many misconceptions including that you will lose all of your personal possessions, etc. If you are at your wits end with your mortgage lender and have gone through an unsuccessful settlement conference Chapter 13 may be able to help you. If you are a good candidate for a Chapter 13 bankruptcy it is possible to stop the mortgage foreclosure process and the stress that goes along with it and for you to make payments on your home again. If you live in Indianapolis, Carmel, Fishers, Noblesville, Zionsville, Kokomo, Tipton or the surrounding areas and would like to meet with me for a free initial consultation to better understand Chapter 13 bankruptcy and how it may help you stay in your home please feel free to contact me at 317-575-8222 or click here to fill out our form and our office will contact you.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Monday, October 24, 2011
Put Your Family Before Your Debt
As I have discussed before, when people meet with me to discuss bankruptcy at Halcomb Singler, they often tell me that they are against bankruptcy and want to repay their creditors because they borrowed the money and they should pay it back. I agree that bankruptcy should be near the end of the list as a means to solve debt problems (but before emptying out your 401k to repay 50% of what you owe). I often tell those I meet with that we are lucky that 99% of the population looks at bankruptcy as the last option. If many people in our society continued to run up credit cards and then file a chapter 7 bankruptcy every 8 years not only would credit be much more expensive, but this would be a sign that traditional hoosier values were evaporating. It is normal to feel shame and guilt about bankruptcy....however, if you have done everything you can to earn more money and have cut back on every expense and you still cannot make your payments you should hold your head up high and realize that sometimes negative situations occur and you need to figure out how to best move forward with your life.
One heart-breaking example I often hear from potential clients is that they are not taking their medications in order to pay credit card payments. I am not talking about vitamins here....I am talking about blood pressure meds or insulin. Medications necessary to control serious health problems. I have heard stories of what would traditionally be considered a middle class family going to a food pantry because there is no money left to buy groceries after making the car payment, loan payments, credit card payments, etc. While I encourage people to pay their debts if they are able to do so...I also emphasize that a family must be able to provide for its necessities and should not be forced to put its most basic needs behind paying the bills.
Another thing hit me this weekend while watching the show "Downsized." I have talked about this show before, but it is about a family that went from a great income down to next to nothing after the father's construction business closed. The family of 9 lost their home, a rental property, and a once thriving business when the recession hit. The show is about how they struggle to adjust to living within their new lower means while raising 7 children. I encourage you to watch the show.....there are great examples of real life choices that a family must make when dealing with a limited income and large family. And this week on "Downsized" the family's neighbors had to move out after short selling their home. Todd Bruce, the father on "Downsized," made it a point to go over to the house and help them move out. Todd discussed how when he moved out of his house he felt ashamed and felt like he didn't want to talk about his debt issues and eventual bankruptcy with anyone...but that since that time he has come to realize that people need to be able to speak about their financial struggles and should know that they are not alone in losing a house, struggling with finances or filing for bankruptcy in this day and age.
If you are to the point where you believe it may be necessary to speak with a bankruptcy attorney and you live in Indianapolis, Carmel, Anderson, Tipton, Kokomo, Zionsville, Fishers or Noblesville, Indiana, I am more than happy to listen to your story and answer your questions regarding bankruptcy. If you would like to meet with me just call Halcomb Singler's Carmel, Indiana office at 317-575-8222. I try to offer solutions, to help you look forward and not to judge. There is no fee for this initial consultation.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
One heart-breaking example I often hear from potential clients is that they are not taking their medications in order to pay credit card payments. I am not talking about vitamins here....I am talking about blood pressure meds or insulin. Medications necessary to control serious health problems. I have heard stories of what would traditionally be considered a middle class family going to a food pantry because there is no money left to buy groceries after making the car payment, loan payments, credit card payments, etc. While I encourage people to pay their debts if they are able to do so...I also emphasize that a family must be able to provide for its necessities and should not be forced to put its most basic needs behind paying the bills.
Another thing hit me this weekend while watching the show "Downsized." I have talked about this show before, but it is about a family that went from a great income down to next to nothing after the father's construction business closed. The family of 9 lost their home, a rental property, and a once thriving business when the recession hit. The show is about how they struggle to adjust to living within their new lower means while raising 7 children. I encourage you to watch the show.....there are great examples of real life choices that a family must make when dealing with a limited income and large family. And this week on "Downsized" the family's neighbors had to move out after short selling their home. Todd Bruce, the father on "Downsized," made it a point to go over to the house and help them move out. Todd discussed how when he moved out of his house he felt ashamed and felt like he didn't want to talk about his debt issues and eventual bankruptcy with anyone...but that since that time he has come to realize that people need to be able to speak about their financial struggles and should know that they are not alone in losing a house, struggling with finances or filing for bankruptcy in this day and age.
If you are to the point where you believe it may be necessary to speak with a bankruptcy attorney and you live in Indianapolis, Carmel, Anderson, Tipton, Kokomo, Zionsville, Fishers or Noblesville, Indiana, I am more than happy to listen to your story and answer your questions regarding bankruptcy. If you would like to meet with me just call Halcomb Singler's Carmel, Indiana office at 317-575-8222. I try to offer solutions, to help you look forward and not to judge. There is no fee for this initial consultation.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Wednesday, October 19, 2011
Will Social Security Increase Affect My Indiana Bankruptcy
It was recently announced that those receiving social security would see an increase of almost 4% to their monthly social security checks in January, 2012. This is welcomed news for those receiving social security who have not seen an increase since 2009. And I believe some of my clients at Halcomb Singler, LLP, will be curious whether the increase in social security will in any way affect their current bankruptcy or a bankruptcy that they intend to file shortly.
The answer to this question depends on whether the bankruptcy has already been filed and what chapter has been or will be filed. For those filing Chapter 7 whom have already filed bankruptcy the change social security income will likely have no bearing on your pending Chapter 7 bankruptcy. The reason for this is because the social security increase will not take place until January, 2012. By that time if you have already filed a Chapter 7 bankruptcy you will have already attended your 341 meeting of creditors hearing and will likely have received a discharge of your debts or be well on your way to receiving that discharge.
If you are thinking about filing a Chapter 7 bankruptcy, but have not done so at this time the increase in social security may disqualify you for a Chapter 7, but I believe this will be the vast minority of people. As I have discussed in previous blogs about how it is determined whether you will qualify for a Chapter 7 or Chapter 13 bankruptcy, if the increase in social security will mean that at the time of the filing of your bankruptcy that you will have more than $100.00 left over at the end of every month after paying for your reasonable living expenses then you will no longer qualify for a Chapter 7 bankruptcy. However, social security income is not included in the means test, so the increase in social security will not be affected. The reason I believe even though it is possible that the increase in social security income may disqualify some, but not many, is that the increase is as a result of the increase in the cost of living. Therefore, it is important to evaluate your expenses carefully to make sure you are not underestimating expenses listed in your bankruptcy. In addition, the cost of medicare that is deducted from social security is also going up....so the near 4% increase will not net a 4% difference in income.
If you are currently in a Chapter 13 repayment plan and your plan has already been approved by the Court it is very unlikely that your payment will change. You should contact your bankruptcy attorney if you have questions. The same reasoning I used for Chapter 7 about your expenses and medicare having increased also applies to the pending Chapter 13 bankruptcy.
If you are contemplating Chapter 13 bankruptcy, the consequences in the raise of your social security will likely be an increase in your Chapter 13 payment equal to the net amount of your social security increase. Excess income, including social security income, is what Chapter 13 debtors must pay to the trustee each month according to their Chapter 13 repayment plans. Therefore, an increase in income will likely mean an increase in Chapter 13 payments....but not a large increase.
Overall, I believe that the increase in social security will have a very small impact on bankruptcy. Since the social security increase seems to be big news today and since it gets more and more difficult to think of things to blog about that are relevant in bankruptcy and/or money management I thought I would take advantage. Please leave a comment if there is something you would like me to address in a future blog posting and you might just give me my next idea for a blog. If you live in Carmel, Indianapolis, Noblesville, Tipton, Zionsville, Fishers, or the surrounding areas and are considering bankruptcy I would be happy to meet with you and discuss your options. Meeting with me does not mean you have to file a bankruptcy! However, I will go over your personal situation with you and answer your questions about bankruptcy without a fee. If you do decide you would like to file a bankruptcy our fees are flat amount (not hourly). If you would like to talk to me about bankruptcy at Halcomb Singler's office in Carmel give me a call at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
The answer to this question depends on whether the bankruptcy has already been filed and what chapter has been or will be filed. For those filing Chapter 7 whom have already filed bankruptcy the change social security income will likely have no bearing on your pending Chapter 7 bankruptcy. The reason for this is because the social security increase will not take place until January, 2012. By that time if you have already filed a Chapter 7 bankruptcy you will have already attended your 341 meeting of creditors hearing and will likely have received a discharge of your debts or be well on your way to receiving that discharge.
If you are thinking about filing a Chapter 7 bankruptcy, but have not done so at this time the increase in social security may disqualify you for a Chapter 7, but I believe this will be the vast minority of people. As I have discussed in previous blogs about how it is determined whether you will qualify for a Chapter 7 or Chapter 13 bankruptcy, if the increase in social security will mean that at the time of the filing of your bankruptcy that you will have more than $100.00 left over at the end of every month after paying for your reasonable living expenses then you will no longer qualify for a Chapter 7 bankruptcy. However, social security income is not included in the means test, so the increase in social security will not be affected. The reason I believe even though it is possible that the increase in social security income may disqualify some, but not many, is that the increase is as a result of the increase in the cost of living. Therefore, it is important to evaluate your expenses carefully to make sure you are not underestimating expenses listed in your bankruptcy. In addition, the cost of medicare that is deducted from social security is also going up....so the near 4% increase will not net a 4% difference in income.
If you are currently in a Chapter 13 repayment plan and your plan has already been approved by the Court it is very unlikely that your payment will change. You should contact your bankruptcy attorney if you have questions. The same reasoning I used for Chapter 7 about your expenses and medicare having increased also applies to the pending Chapter 13 bankruptcy.
If you are contemplating Chapter 13 bankruptcy, the consequences in the raise of your social security will likely be an increase in your Chapter 13 payment equal to the net amount of your social security increase. Excess income, including social security income, is what Chapter 13 debtors must pay to the trustee each month according to their Chapter 13 repayment plans. Therefore, an increase in income will likely mean an increase in Chapter 13 payments....but not a large increase.
Overall, I believe that the increase in social security will have a very small impact on bankruptcy. Since the social security increase seems to be big news today and since it gets more and more difficult to think of things to blog about that are relevant in bankruptcy and/or money management I thought I would take advantage. Please leave a comment if there is something you would like me to address in a future blog posting and you might just give me my next idea for a blog. If you live in Carmel, Indianapolis, Noblesville, Tipton, Zionsville, Fishers, or the surrounding areas and are considering bankruptcy I would be happy to meet with you and discuss your options. Meeting with me does not mean you have to file a bankruptcy! However, I will go over your personal situation with you and answer your questions about bankruptcy without a fee. If you do decide you would like to file a bankruptcy our fees are flat amount (not hourly). If you would like to talk to me about bankruptcy at Halcomb Singler's office in Carmel give me a call at 317-575-8222 or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Thursday, October 13, 2011
Is the Bankruptcy Trustee Going to Sell My Jewelry?
Many folks delay seeking bankruptcy advice from an attorney because they heard from a friend, neighbor, or any other random person who is not an attorney that if they file bankruptcy the trustee is going to sell all of their jewelry. Of course, not wanting to have to give up their engagement ring, grandmother's pearls, etc., they avoid even talking to a qualified attorney about whether or not bankruptcy could help them out of a bad financial situation.
First, I need to get on my soap box for a second in taking legal advice from people who are not attorneys licensed to practice law in the state in which you live and whom practice in the area of law in which you need advice. Translation=your cousin in California who practices family law really doesn't know a lot about bankruptcy law in Indiana. Your friend who filed bankruptcy 6 years in Indiana probably doesn't know a lot about bankruptcy law in Indiana. Even the financial expert on television who seemingly knows every law ever written (Suze Orman) probably does not know a lot about bankruptcy law. One would think it would be obvious not to take legal advice from someone who is not a lawyer....but in my experience folks will take legal advice from about any source. Let me break it down. Attorneys receive an undergraduate degree from college. During college they take an entrance exam similar to the ACT/SATs for law school called the LSATs. They then apply to law schools, which requires lots of time, writing an essay, etc. Once they get in to law school they spend 3 years studying how to read, interpret, argue and write like a lawyer. During the summers of law school they often work for lawyers and judges learning how to actually be a lawyer (which you really don't learn in law school). During law school their grades are typically dependent on one test at the end of a semester that counts for their entire grade for that semester. It is not uncommon for 20% or more of people who start law school to flunk out or quit because it is not the most fun thing anyone will do in their life. Before graduating from law school a person must take a test about ethics in practicing law. They then must apply to sit for the bar exam (which in Indiana is a test that takes 2 full days). Before they can even take the bar exam they have to fill out an extensive application and have an interview with a practicing attorney regarding their character and fitness to practice law. They must also have several letters from attorneys recommending that they be able to take the bar exam. A law school graduate will typically spend about 3 full months studying for the bar exam full time. Then, about 2 months after the law school graduate takes the bar exam he or she will find out whether or not they passed. Once they pass they have to pay some fees and take an oath before they can actually practice law because it is only at that point that they are licensed to practice law. Yes, the practice of law requires a license.
Ok....I know that the previous paragraph was really, really long and went into to more detail than you ever wanted to know about becoming a lawyer. I apologize. I needed to get that off of my chest. I just want people to realize that attorneys are not just "googling" answers to their problems and that most legal issues are far more complex than a non-attorney realizes. As the saying goes, "you don't know what you don't know." And, as I said above, lawyers don't know everything about every law. Myself, for example...I know very little about criminal law. I would never take a criminal case unless I spent several months studying criminal law in Indiana. There are simply to many areas of practice of law for every attorney to know everything....let alone for someone who has never studied law to know everything.
But back to the actual topic of this blog.....the trustee is not typically going to sell your jewelry in an Indiana bankruptcy. This does not mean that it is impossible, but it is unlikely. This is true because an individual is entitled to have $9,350.00 as of the date of this blog in personal property that is exempt from creditors. This means that between your jewelry, clothing, furnishings, home goods, equity in your vehicle, and any other "stuff" you have around your house that $9,350.00 is safe. If you file a joint bankruptcy petition that number is doubled to $18,700.00.
So, lets say that you have a really nice diamond engagement ring. Your husband paid $10,000.00 for it when you were engaged 10 years ago. Most of my clients would tell me that the ring is now worth at least $15,000.00 due to the rise in gold prices....and maybe they are right. I don't know how much the ring is worth because I am not a jeweler. So, it is often useful to take the piece of jewelry to a jeweler to have it valued. Typically, the jewelry is worth far less than my clients think. One big reason for this is because the jewelry is used. Think about it.....who really wants a used diamond engagement ring? Why did the person who owned it prior to you give it up? Divorce? Death? Another reason that it is not worth as much as most people think is that those purchasing used jewelry are not going to pay retail value. They are going to want to get a great deal. So, even if you paid $10,000.00 for the engagement ring it might be worth $6,000.00 today.
But, for sake of illustration, lets assume that you take your ring to a jeweler and it is actually worth $10,000.00 in its used condition. Does that automatically mean that the trustee will sell it? Not necessarily. The trustee is going to take into account that if they were able to sell your ring for $10,000.00 that they would have to give you a portion of the proceeds. If you valued all of your other property at $1500.00 then the trustee would have to give you $7,850.00 from the proceeds of the sale of the ring. This would leave the trustee with $2,150.00 from which they would need to deduct expenses in actually selling your ring. So, the trustee may be willing to sell your ring in these circumstances. However, the trustee would also give you the opportunity to pay the trustee some amount (probably less than $2,150.00) over a small amount of time in lieu of the trustee taking and selling the ring.
If you are a joint bankruptcy debtor even after you have used $10,000.00 of your $18,700.00 exemption for the ring, so long as you do not have more than $8,700.00 of other property the trustee will not have any claim to your ring. Again, even if you do have excess property the trustee will only sell something if they believe it will result in a meaningful distribution to creditors.
If you are filing a Chapter 13 bankruptcy you will not lose the ring. This is because in order to have a Chapter 13 repayment plan you must pay more to your creditors over 36 to 60 months than they would have received if you filed a Chapter 7 and your unexempt assets were liquidated.
Hopefully I have debunked the myth that if you file bankruptcy you will automatically have your jewelry seized and sold out from under you. But, as you can see from my rant on what it takes to become an attorney and my blog......bankruptcy is complicated. One move can have an effect on so many other areas of bankruptcy and people not licensed to practice law (and some attorneys not practicing in the area of bankruptcy) are simply not qualified to give advice. Luckily, there are many bankruptcy attorneys in central Indiana and the Indianapolis area who are more than qualified. I am only one of many attorneys who practice bankruptcy in this area and I am happy to report that in my opinion, most are very good at what they do. So, although you are entitled to file a bankruptcy on your own, I recommend that you meet with an attorney in your area who practices bankruptcy law. If you live in Noblesville, Carmel, Kokomo, Zionsville, Tipton, Anderson, Fishers or Indianapolis and you would like to meet with me about potentially filing bankruptcy I am happy to do so without any fee for the initial consultation. If you would like to set up an appointment to meet at Halcomb Singler's office in Carmel, Indiana, please call me at (317) 575-8222 or click here and we will contact you.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Monday, October 10, 2011
Rolling Credit Card Debt into a Home Equity Loan
Every time I hear a banker speak at a function about the low rates on home equity loans I can't help but cringe a little. I know that rolling credit card debt into a home equity line of credit or second mortgage may sound like the answer to getting out of debt. It is true that you can find very low rates right now on home equity lines. These rates are almost certainly lower than your credit card interest rates. The banker will also almost certainly mention that if you roll your credit card onto you home loan then the interest can likely be deducted on your taxes.
I am not saying that rolling your credit card debt on to a home equity loan is always the wrong thing to do....I am just saying that it is something that needs to be carefully considered. Not unlike any decision in life, there are pros as well as cons to rolling your credit cards into a home equity line. In my opinion, the biggest con is that you have just handed over your home as collateral to the bank. If you get behind on credit card payments, the credit card company will typically sue you and may try to freeze your bank account or garnish a portion of your wages. On the other hand, if you get behind on your home equity line, the bank is going to foreclose to take your home. The bank isn't going to care that you have children, lost your job, that your dog died......the bank is going to foreclose on your house and if you aren't able to make the payment you will need to find a new place to live.
Another factor that is extremely important to consider is how did you get into credit card debt in the first place? You need to be brutally honest with yourself on this one. Don't tell yourself that the credit card debt was due to job loss if you could pay all of your bills with your spouse's income and your credit card debt was the result of your family continuing the same lifestyle with recreational activities and entertainment on half of the income. Don't tell yourself the credit card debt was due to emergency if the debt was incurred for car repairs, a medical expense of $3,000.00 or less or you have ever gone out to eat and paid with a credit card. What I am saying is that it should not be an emergency when you need a car repair or have a medical bill. Unfortunately, these expenses are going to happen. You need to be prepared by not spending every penny you make and contributing to an emergency fund.
Finally, if you do find yourself in a financial crisis and need to file bankruptcy, it is easier to get out from under credit card debt than a home equity loan. It is rare that individuals are required to pay back 100% of their credit card debt in bankruptcy. On the other hand, if you would like to keep a house after bankruptcy it is typically mandatory that you continue to pay both your first and second mortgage (there are some circumstances in which you don't have to pay the second mortgage). Therefore, if you are considering making your unsecured debt secured by your house you better believe that this will be a long-term fix to your financial problems and have a plan to move forward without incurring any more debt.
No matter how much money you have saved nor financial planning you have done there are some situations from which it is very difficult to recover without the assistance of bankruptcy. At Halcomb Singler I have met with many couples who wish they could turn back the clock and made the decision not to roll their credit cards on to their home, not to empty out (or take a loan from) their 401k, not to have financed that car over 72 months, etc. However, we cannot change the past....we can only move forward into your financial future. If you believe you may need the assistance of a bankruptcy attorney to move forward please feel free to call my office at 317-575-8222 for a free initial consultation at our Carmel, Indiana office.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
I am not saying that rolling your credit card debt on to a home equity loan is always the wrong thing to do....I am just saying that it is something that needs to be carefully considered. Not unlike any decision in life, there are pros as well as cons to rolling your credit cards into a home equity line. In my opinion, the biggest con is that you have just handed over your home as collateral to the bank. If you get behind on credit card payments, the credit card company will typically sue you and may try to freeze your bank account or garnish a portion of your wages. On the other hand, if you get behind on your home equity line, the bank is going to foreclose to take your home. The bank isn't going to care that you have children, lost your job, that your dog died......the bank is going to foreclose on your house and if you aren't able to make the payment you will need to find a new place to live.
Another factor that is extremely important to consider is how did you get into credit card debt in the first place? You need to be brutally honest with yourself on this one. Don't tell yourself that the credit card debt was due to job loss if you could pay all of your bills with your spouse's income and your credit card debt was the result of your family continuing the same lifestyle with recreational activities and entertainment on half of the income. Don't tell yourself the credit card debt was due to emergency if the debt was incurred for car repairs, a medical expense of $3,000.00 or less or you have ever gone out to eat and paid with a credit card. What I am saying is that it should not be an emergency when you need a car repair or have a medical bill. Unfortunately, these expenses are going to happen. You need to be prepared by not spending every penny you make and contributing to an emergency fund.
Finally, if you do find yourself in a financial crisis and need to file bankruptcy, it is easier to get out from under credit card debt than a home equity loan. It is rare that individuals are required to pay back 100% of their credit card debt in bankruptcy. On the other hand, if you would like to keep a house after bankruptcy it is typically mandatory that you continue to pay both your first and second mortgage (there are some circumstances in which you don't have to pay the second mortgage). Therefore, if you are considering making your unsecured debt secured by your house you better believe that this will be a long-term fix to your financial problems and have a plan to move forward without incurring any more debt.
No matter how much money you have saved nor financial planning you have done there are some situations from which it is very difficult to recover without the assistance of bankruptcy. At Halcomb Singler I have met with many couples who wish they could turn back the clock and made the decision not to roll their credit cards on to their home, not to empty out (or take a loan from) their 401k, not to have financed that car over 72 months, etc. However, we cannot change the past....we can only move forward into your financial future. If you believe you may need the assistance of a bankruptcy attorney to move forward please feel free to call my office at 317-575-8222 for a free initial consultation at our Carmel, Indiana office.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Tuesday, October 4, 2011
You Can Pay Back Creditors After Bankruptcy...If You Want
WHAT?! I am sure this is what you are thinking right now. Why would I go through a bankruptcy and still pay creditors back afterward? Well, before you think I am completely crazy, notice that I said "if you want."
One thing that you must understand about bankruptcy is that if you file bankruptcy you must list each and every one of your creditors......this includes the vehicle you want to keep (listing a creditor does not always mean surrendering the property), your family doctor with whom you have set up a payment arrangement as well as Aunt Connie. Many of the potential clients I meet with at Halcomb Singler, LLP believe that they can include some of their debts and leave others out to be repaid. This is unfortunately not the way that bankruptcy works. Any debt not paid in full at the time of the bankruptcy must be listed on your bankruptcy petition.
Overall, I do not recommend repaying creditors after a bankruptcy. However, I do understand there are exceptions when it makes sense to pay back a creditor after bankruptcy even if the debt has been legally discharged. For example, if you have a wonderful family doctor and you want to continue to take your children to that doctor for the next 10 years you might want to give the doctor a call after the bankruptcy has been filed, let him know how much you want to go to him and see whether he will work out a payment arrangement. Another example that I see come up quite often is when my clients owe money to a family member. Many times even though a client is not legally obligated to pay back a relative, they want to do so. This is completely understandable, and many times a client of mine will work out an arrangement to pay a relative back after the bankruptcy. It should be noted that this is completely different than paying a relative or creditor back prior to filing bankruptcy, which is typically not a good idea and should be discussed with an attorney.
The point is that if you are struggling to pay your bills each month, but were waiting to speak with a bankruptcy attorney because of one creditor that you want to pay, there is really no need to wait. The reality is that the bankruptcy court (although I believe all involved want debtors to succeed post-bankruptcy) does not care whether you pay back discharged debts after filing bankruptcy. If you would like to meet to discuss bankruptcy (even if you are not sure that you want to file bankruptcy) feel free to call my office at (317) 575-8222 or to click here to complete our form and we will contact you for an appointment.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
One thing that you must understand about bankruptcy is that if you file bankruptcy you must list each and every one of your creditors......this includes the vehicle you want to keep (listing a creditor does not always mean surrendering the property), your family doctor with whom you have set up a payment arrangement as well as Aunt Connie. Many of the potential clients I meet with at Halcomb Singler, LLP believe that they can include some of their debts and leave others out to be repaid. This is unfortunately not the way that bankruptcy works. Any debt not paid in full at the time of the bankruptcy must be listed on your bankruptcy petition.
Overall, I do not recommend repaying creditors after a bankruptcy. However, I do understand there are exceptions when it makes sense to pay back a creditor after bankruptcy even if the debt has been legally discharged. For example, if you have a wonderful family doctor and you want to continue to take your children to that doctor for the next 10 years you might want to give the doctor a call after the bankruptcy has been filed, let him know how much you want to go to him and see whether he will work out a payment arrangement. Another example that I see come up quite often is when my clients owe money to a family member. Many times even though a client is not legally obligated to pay back a relative, they want to do so. This is completely understandable, and many times a client of mine will work out an arrangement to pay a relative back after the bankruptcy. It should be noted that this is completely different than paying a relative or creditor back prior to filing bankruptcy, which is typically not a good idea and should be discussed with an attorney.
The point is that if you are struggling to pay your bills each month, but were waiting to speak with a bankruptcy attorney because of one creditor that you want to pay, there is really no need to wait. The reality is that the bankruptcy court (although I believe all involved want debtors to succeed post-bankruptcy) does not care whether you pay back discharged debts after filing bankruptcy. If you would like to meet to discuss bankruptcy (even if you are not sure that you want to file bankruptcy) feel free to call my office at (317) 575-8222 or to click here to complete our form and we will contact you for an appointment.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Wednesday, September 28, 2011
What Facebook Taught Me About Advising Bankruptcy Clients
A few days ago I was horrified with what I saw after signing into Facebook. I didn’t understand why I needed a story of the day or why my friend status updates were in the corner of the page. I guess I really felt like my life is complicated enough as it is and that I really didn’t need Facebook to be complicated. After all, to me Facebook is simply a way to keep up with friends who I don’t have time to speak with as often as I would like and also a way to see what people are doing I will probably never speak to again. Since that day earlier this week I haven’t logged into Facebook again (ok…I have looked at it on my phone…but my phone doesn’t show all of the Facebook changes.)
If you are still reading at this point you must be wondering what this could possibly have to do with how I advise Bankruptcy clients at Halcomb Singler, LLP. After all, what could a lawyer glean from Facebook about advising clients? Certainly there is no bankruptcy law conversation on Facebook.
Over the years I have learned that knowing Indiana bankruptcy law is only about half of what I need to know in order to best advise my bankruptcy clients. I need to be available to advise bankruptcy clients not only about money management, but also about how to rent after bankruptcy, how to handle family issues in bankruptcy and how to hold their heads up high in spite of the fact that they need to file bankruptcy.
The reason that only about half of what I need to know to best advise bankruptcy clients is that when a person comes to my office to discuss whether bankruptcy would help his or her financial situation that person feels like their entire life is completely complicated and overwhelming. In many cases my clients just don’t want to deal with their financial situation by the time they call my office. Although I would never say that something as trivial as changes on Facebook could be compared to the feelings of those who need to file bankruptcy, after seeing the Facebook changes I just really didn’t want to deal with it anymore and have been avoiding Facebook the same way that some of my clients avoid their financial difficulties.
I truly enjoy when people at the end of their “financial rope” come to see me to discuss their options. Sometimes I recommend that they file bankruptcy and sometimes I don’t. But I am typically able to help each person come up with a plan on how to attack their financial difficulties prior to them leaving my office. Since there is no charge for an initial consultation, there is really no down side to setting up an appointment in the event you believe it may be necessary for you to file bankruptcy. If you live in Indianapolis, Carmel, Noblesville, Fishers, Zionsville, Tipton or Kokomo and are interested in whether you could benefit from bankruptcy call my office at 317-575-8222 or click here to fill out our form and we will contact you.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
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