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.
Sunday, November 27, 2011
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.
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