One thing I have noticed about housing in Indianapolis is that there are a LOT of production neighborhoods. These are neighborhoods where every house basically looks like the one next door. They are also sometimes called cookie-cutter neighborhoods. These neighborhoods were popping up all over Fishers, Noblesville and Indianapolis in the early to mid 2000s. In my experience as a bankruptcy attorney in the Indianapolis area, these neighborhoods seem to have taken a big hit in the housing crisis. At Halcomb Singler I have many bankruptcy clients who, unfortunately, bought their production homes at the peak of the market and now owe way more than their production home is worth.
I am not saying that you are a good candidate for bankruptcy just because you are upside down on your home. Chances are that if you bought your home between 2000 and 2007 you are upside down on your home. Owing more than your house is worth in and of itself is not a good reason to file bankruptcy. However, if you find yourself upside down on your house, carrying significant credit card balances, behind on your house payment or car payment, etc., then you may be a candidate for Chapter 7 or Chapter 13 bankruptcy.
If, after meeting with a qualified bankruptcy attorney, you decide that you do want to move forward with filing a bankruptcy you will need to decide whether you want to keep your house or surrender it. In a Chapter 7 bankruptcy you are given the option of reaffirming your house. This means you sign a contract with the lender stating that even though you could surrender the house that you want to keep it and will continue to make the payments. If you fall behind on the mortgage after signing a reaffirmation agreement you are personally liable for any deficiency if your house is sold at sheriff sale. On the other hand, if you do not sign the reaffirmation agreement then you are no longer personally liable on the mortgage debt.
Before you file bankruptcy you should have a plan regarding how you are going to come out of bankruptcy in a better position financially. This plan should include a good hard look at whether it makes financial sense to keep or surrender your home. In my experience most people really do not have a good idea of the value of their home. We always think our own home is the best on the block and that people will pay more for it. Since we cannot always gauge the value of our own homes appropriately, I suggest asking a local real estate agent for the value of the home. Real estate agents routinely prepare a market analysis for those thinking about selling a home. It is important to ask the real estate agent's opinion regarding what he or she believes the house will actually sell for, not just what the initial listing price.
If the real estate agent tells you the home would likely sell for $100,000.00 and you owe $125,000.00 then my advice would be to let it go. After the fees and commissions associated with selling a home, it would take approximately $35,000.00 to sell the house. You could wait it out and continue to make the mortgage payment for the next 10 to 15 years so that you are able to sell the home without bringing money to the table....but do you want to live there for another 10 to 15 years? These are all things to take into consideration.
In addition to the value of your house related to the debt you should identify whether your house is the reason you are having financial problems. If your house payment is too high and you were forced to use credit in order to make ends meet as a result of the house payment, then it might make sense to surrender the house. On the other hand, if you have always been able to make your house payment without trouble and a sudden medical event caused your need to file bankruptcy you may want to reaffirm.
I don't mean to beat up on homes in production neighborhoods. These homes can be great. They can also fit into a family budget. But their values seem to have been hit the hardest by the housing downturn. This does not mean no one should reaffirm on a production house. It just makes sense to logically look at the pros and cons of both sides when determining what to do with a production house. Your bankruptcy attorney can give his or her opinion, but at the end of the day it is your decision.
If you are searching the internet looking for answers to your financial problems and are considering bankruptcy please feel free to contact my office. I often tell people it does not make sense for them to file bankruptcy. I can answer your questions concerning bankruptcy. There is no fee for the initial appointment. Call 317-575-8222 for your appointment at Halcomb Singler's Carmel, Indiana office 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.
Monday, July 30, 2012
Wednesday, July 25, 2012
You Are Spending More On Impulse Than You Think
Whether it is a pack of gum at the gas station, a new pair of shoes that are on sale or (if you are like me), just about anything at Target, smaller impulse purchases add up to a lot of money. For many of us, these purchases amount to hundreds of dollars per month. Most people don't realize that they are making these purchases and certainly don't comprehend the amount of money that they are spending on the little things.
While I haven't actually done a study on this theory, I do think that through meeting with people having financial difficulties on a daily basis that I have a lot of data. When I meet with people at Halcomb Singler one of the things I go over with them in an initial bankruptcy consultation is what they spend on living expenses each month. If a person I have met with decides to move forward and file bankruptcy one of the things I ask them to bring in for me to review is their bank statements. I review these bank statements to make sure that the client is not doing anything with their money that would jeopardize their bankruptcy as well as review the expenses that are evident from the bank statement. If there is one thing I have learned it is that bank statements are more truthful about how money is spent than clients. I am certainly not saying that my clients are trying to mislead me regarding the amount of money they spend on living expenses. But what I have found is that people are spending a lot more money than they think on needless stuff and food.
In order to combat this needless spending I recommend that everyone, whether having financial difficulties or not, go back over their last 3 monthly bank statements. Add up the small purchases such as the coffee at Starbucks, the McDonald's drive through, the magazine, etc. Include all of the impulse purchases that were not necessary. I think you will be surprised.
I am not saying that you should never have any unplanned purchases. What I am saying is that you should be aware of how much you are spending on such purchases. After you do the math you may think twice before making that next unplanned purchase because they can really add up to real money.
If you live in Indianapolis, Carmel, Tipton, Zionsville, Kokomo, Fishers or anywhere else in the Indianapolis area and are considering bankruptcy I would like the opportunity to sit down with you to review your situation and answer your questions. You can also read the testimonials written by actual Halcomb Singler clients. There is no fee for the bankruptcy consultation and if you do decide you need to file bankruptcy I can quote you a flat fee to move forward and explain our payment plan program. Call 317-575-8222 to schedule an appointment or click here to contact us and we will schedule you 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.
While I haven't actually done a study on this theory, I do think that through meeting with people having financial difficulties on a daily basis that I have a lot of data. When I meet with people at Halcomb Singler one of the things I go over with them in an initial bankruptcy consultation is what they spend on living expenses each month. If a person I have met with decides to move forward and file bankruptcy one of the things I ask them to bring in for me to review is their bank statements. I review these bank statements to make sure that the client is not doing anything with their money that would jeopardize their bankruptcy as well as review the expenses that are evident from the bank statement. If there is one thing I have learned it is that bank statements are more truthful about how money is spent than clients. I am certainly not saying that my clients are trying to mislead me regarding the amount of money they spend on living expenses. But what I have found is that people are spending a lot more money than they think on needless stuff and food.
In order to combat this needless spending I recommend that everyone, whether having financial difficulties or not, go back over their last 3 monthly bank statements. Add up the small purchases such as the coffee at Starbucks, the McDonald's drive through, the magazine, etc. Include all of the impulse purchases that were not necessary. I think you will be surprised.
I am not saying that you should never have any unplanned purchases. What I am saying is that you should be aware of how much you are spending on such purchases. After you do the math you may think twice before making that next unplanned purchase because they can really add up to real money.
If you live in Indianapolis, Carmel, Tipton, Zionsville, Kokomo, Fishers or anywhere else in the Indianapolis area and are considering bankruptcy I would like the opportunity to sit down with you to review your situation and answer your questions. You can also read the testimonials written by actual Halcomb Singler clients. There is no fee for the bankruptcy consultation and if you do decide you need to file bankruptcy I can quote you a flat fee to move forward and explain our payment plan program. Call 317-575-8222 to schedule an appointment or click here to contact us and we will schedule you 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.
Friday, July 20, 2012
Indianapolis Bankruptcy: Sometimes You Have To Choose Your Family Over Your Creditors
I have been trying to come up with a succinct way to explain to my clients at Halcomb Singler, LLP that, while we should all try to avoid bankruptcy, that filing bankruptcy does not make you a deadbeat, bad person, or lowlife. Each and every person I meet with regarding bankruptcy would much rather pay their bills than ever make a phone call to my office. Many of the folks I meet with have been trying to pay off their bills for months or years and are just not getting anywhere. However, they are still very afraid of filing bankruptcy and tell me things such as, "My parents didn't raise me to file bankruptcy. I was taught that I must always pay my bills," or "I used the credit card and got the benefit of it...I should have to pay it back."
After years of representing Indianapolis area people in Chapter 7 and Chapter 13 bankruptcies I think I may have finally come up with a good way to explain why sometimes in spite of how you would love to be able to pay your bills that sometimes bankruptcy is a viable option. That explanation is that sometimes you have to pick your family (or yourself) over your creditors.
The reason I say it this way is that when I meet with a prospective client regarding bankruptcy I am always go over how much money they are spending on various living expenses including such expenses as clothing, food and children's activities. I cannot overstate how often people tell me that they spend whatever money on food that they have left over after paying their bills or how they haven't spent any money on clothing for themselves in years. It is also common for me to hear that a child used to be involved in a school club or sporting activity, but has not been able to participate in many years due to the household financial situation.
While I am certainly not a proponent of filing bankruptcy if there is another way to solve debt problems, I find myself getting angry that people would choose to pay a credit card bill over providing their family with proper food. I am not angry at the people that I meet with, but with creditors. I have found myself wondering how bankruptcy became to be such a "stigma" in our society. And even though, in my opinion, the "stigma" has lessened since 2008, I wonder how we got to the point where people would starve themselves to pay a credit card bill? The answer that I have come to is that creditors are very powerful lobbyists. Creditors have used fear to cause people to think that they will be left with nothing and that their lives will be over if they don't pay their bills. People come in to my office thinking that they will come out of bankruptcy penniless and homeless and that they will never be able to buy anything on credit ever again. The only plausible way that I can identify as to why so many of the folks I meet with think this is because the creditor lobby, largely through fear of the dropping credit score, have been very successful in tricking Americans into thinking that life will literally be over if you don't pay every bill.
And this is where I come back to my opinion that sometimes you have to choose your family (or yourself) over your creditors. It does not make sense to me to deprive your family of the most basic necessities in order to pay a creditor so that you can protect your precious credit score. Bankruptcy is available to Hoosiers because some times you need a way to fix your finances that you are not able to do on your own. Bankruptcy is available to Hoosiers because sometimes no matter how hard you try to cut every corner, stretch every dollar and work every extra minute that sometimes you still do not have enough money to pay your bills. Bankruptcy is available to Hoosiers because it is a legal way of getting a second financial chance and it is a way to make sure that you are able to provide for the basic needs of yourself or your family without continued calls, lawsuits and hounding by your creditors.
Bankruptcy is certainly not for everyone. However, if you find yourself in a situation where you are depriving yourself or your family of basic needs in order to pay creditors I recommend you speak with a bankruptcy attorney. I provide a free consultation at my office to review your financial situation, allow you to ask any questions you have about bankruptcy and let you know whether or not I believe bankruptcy would be beneficial. I represent people in the Indianapolis area including Carmel, Fishers, Tipton, Kokomo, Zionsville, Fisher and Noblesville in Chapter 7 and Chapter 13 bankruptcy proceedings. Call my Carmel office at (317) 575-8222 or click here to set up your 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.
After years of representing Indianapolis area people in Chapter 7 and Chapter 13 bankruptcies I think I may have finally come up with a good way to explain why sometimes in spite of how you would love to be able to pay your bills that sometimes bankruptcy is a viable option. That explanation is that sometimes you have to pick your family (or yourself) over your creditors.
The reason I say it this way is that when I meet with a prospective client regarding bankruptcy I am always go over how much money they are spending on various living expenses including such expenses as clothing, food and children's activities. I cannot overstate how often people tell me that they spend whatever money on food that they have left over after paying their bills or how they haven't spent any money on clothing for themselves in years. It is also common for me to hear that a child used to be involved in a school club or sporting activity, but has not been able to participate in many years due to the household financial situation.
While I am certainly not a proponent of filing bankruptcy if there is another way to solve debt problems, I find myself getting angry that people would choose to pay a credit card bill over providing their family with proper food. I am not angry at the people that I meet with, but with creditors. I have found myself wondering how bankruptcy became to be such a "stigma" in our society. And even though, in my opinion, the "stigma" has lessened since 2008, I wonder how we got to the point where people would starve themselves to pay a credit card bill? The answer that I have come to is that creditors are very powerful lobbyists. Creditors have used fear to cause people to think that they will be left with nothing and that their lives will be over if they don't pay their bills. People come in to my office thinking that they will come out of bankruptcy penniless and homeless and that they will never be able to buy anything on credit ever again. The only plausible way that I can identify as to why so many of the folks I meet with think this is because the creditor lobby, largely through fear of the dropping credit score, have been very successful in tricking Americans into thinking that life will literally be over if you don't pay every bill.
And this is where I come back to my opinion that sometimes you have to choose your family (or yourself) over your creditors. It does not make sense to me to deprive your family of the most basic necessities in order to pay a creditor so that you can protect your precious credit score. Bankruptcy is available to Hoosiers because some times you need a way to fix your finances that you are not able to do on your own. Bankruptcy is available to Hoosiers because sometimes no matter how hard you try to cut every corner, stretch every dollar and work every extra minute that sometimes you still do not have enough money to pay your bills. Bankruptcy is available to Hoosiers because it is a legal way of getting a second financial chance and it is a way to make sure that you are able to provide for the basic needs of yourself or your family without continued calls, lawsuits and hounding by your creditors.
Bankruptcy is certainly not for everyone. However, if you find yourself in a situation where you are depriving yourself or your family of basic needs in order to pay creditors I recommend you speak with a bankruptcy attorney. I provide a free consultation at my office to review your financial situation, allow you to ask any questions you have about bankruptcy and let you know whether or not I believe bankruptcy would be beneficial. I represent people in the Indianapolis area including Carmel, Fishers, Tipton, Kokomo, Zionsville, Fisher and Noblesville in Chapter 7 and Chapter 13 bankruptcy proceedings. Call my Carmel office at (317) 575-8222 or click here to set up your 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, July 17, 2012
Filing a Chapter 7 Bankruptcy Without an Attorney
As a bankruptcy attorney in Indiana, I will start by saying it would be impossible for me to write this blog without being just a little bit biased. However, I will do my best to lay out both the pros and the cons of filing a Chapter 7 Bankruptcy without an attorney. I also want to point out that it is completely allowable for an individual to file his or her own bankruptcy in the Southern District Bankruptcy Court in Indianapolis.
Let me start out with the obvious pro. It's free, with the exception of the $306.00 filing fee. Attorney fees for a Chapter 7 vary in the Indianapolis area, but it will easily cost $1,300.00 to $2,000.00 (including the filing fee) to have an attorney represent you in your Chapter 7 bankruptcy. And, after much thought and consideration.....that is the only pro I can think of for filing a Chapter 7 bankruptcy without an attorney. And if you have absolutely no income and no assets it might make paying a bankruptcy attorney impossible. But come to think of it if yo have no income and little assets why do you need to file bankruptcy in the first place when you have nothing to protect?
As far as the cons of filing a bankruptcy without an attorney in the Southern District Bankruptcy Court in Indianapolis, I'm going to have to make a list:
1. You have to complete the bankruptcy schedules on your own. At first glimpse, this may seem easy....it is just filling out some forms and, with the help of instructional websites on the internet it can't be that hard, right? If filing a Chapter 7 bankruptcy were just about filling out a few forms then no one would use an attorney. An attorney isn't just filling out forms. The attorney understands what the form means, the purpose behind it and what the trustee wants or needs to know from the forms.
2. You have to attend the 341 meeting of creditors alone. Every time I am in Indianapolis for a bankruptcy hearing I explain to a client exactly what to expect from the hearing. This includes what questions a trustee is likely to ask as well as how to answer each question. And I have yet to see any attorney in Indianapolis who does not do the same thing for their client.
3. You are expected to know the bankruptcy rules/procedures, even if you don't have a bankruptcy attorney. I have watched a few bankruptcy debtors at 341 hearings profess over and over that they just didn't know that they were only allowed a limited amount of money on the date of filing, that they had to list all of their debts, that they had to list their car as property even though they don't own it outright, and on and on. The bottom line is that the trustees really don't care what you thought or what you do or do not know. The trustees are not permitted to give out legal advice and cannot tell you how to fix whatever mistakes you may have made on your petition when you show up for the 341 hearing.
4. You may not even qualify for a Chapter 7 bankruptcy. Do you really know when you are filing your own Chapter 7 bankruptcy that you actually qualify for Chapter 7 bankruptcy? Are you sure that your expenses on schedule J are reasonable? Just because you pay for something, such as a child's gymnastics lessons, horseback riding lessons, etc., does not mean that the bankruptcy trustee will find that expense to be reasonable. Do you know how to properly fill out the means test and are you taking all of the deductions that you could properly take?
5. You sign bankruptcy documents under penalty of perjury. This means that if you withhold information or fill out the bankruptcy form incompletely you could be prosecuted for federal perjury. This sounds like no fun to me. How do you know that your schedules are accurate and complete if you are not really sure what each and every schedule means?
6. The trustee can take your stuff. I watched a pro se debtor yesterday in Indianapolis who had not claimed any exemptions of his clothing, furniture and other personal property. He kept telling the trustee that he did not own anything. Finally, the trustee pointed out to him that he owns clothing, furnishings, and a car. The pro se debtor stated he believed that the trustee would not be interested in taking his clothing or furnishings because they are not worth anything. The pro se debtor didn't seem to understand what the trustee meant when she said he did not assert any exemptions and told the trustee he was not asserting any exemptions in his personal property. As a result of this pro se debtor not understanding what exemptions are, he could very well see the trustee take his stuff.
7. Not everything on the internet is accurate. Prior to writing this blog I spent about 15 minutes searching the internet for an article about how to file bankruptcy without an attorney. Surprisingly, I didn't find anything that was even close to being helpful. The bottom line is that no one can teach you how to file a bankruptcy including strategy of when to file as well as what might be a problem with your filing in an article. Bankruptcy attorneys went to college for 4 years, law school for 3 years and most have lost count of the number of bankruptcy petitions they have filed for debtors over the course of their career. The bottom line is that you can't learn everything on the internet.
The bottom line is that there are people out there who have filed their own Chapter 7 bankruptcy petition successfully. However, my guess is that there are more people out there who have filed their own Chapter 7 bankruptcy unsuccessfully; meaning they lost enough money or property in the process that it would have been cheaper to pay a bankruptcy attorney or meaning that their case was dismissed and they still owe all of the debts originally owed. At Halcomb Singler, along with many other law firms, the initial consultation regarding bankruptcy is free of charge. So, if you live in the Indianapolis, Kokomo, Zionsville, Fishers, Carmel or Noblesville areas and would like to meet with me regarding bankruptcy at the Carmel office of Halcomb Singler, call us at (317) 575-8222 or click here and give us your information and we will contact you for an appointment time that works with your schedule. I think you will be happy you took the first step to understanding whether or not bankruptcy would be beneficial for 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.
Let me start out with the obvious pro. It's free, with the exception of the $306.00 filing fee. Attorney fees for a Chapter 7 vary in the Indianapolis area, but it will easily cost $1,300.00 to $2,000.00 (including the filing fee) to have an attorney represent you in your Chapter 7 bankruptcy. And, after much thought and consideration.....that is the only pro I can think of for filing a Chapter 7 bankruptcy without an attorney. And if you have absolutely no income and no assets it might make paying a bankruptcy attorney impossible. But come to think of it if yo have no income and little assets why do you need to file bankruptcy in the first place when you have nothing to protect?
As far as the cons of filing a bankruptcy without an attorney in the Southern District Bankruptcy Court in Indianapolis, I'm going to have to make a list:
1. You have to complete the bankruptcy schedules on your own. At first glimpse, this may seem easy....it is just filling out some forms and, with the help of instructional websites on the internet it can't be that hard, right? If filing a Chapter 7 bankruptcy were just about filling out a few forms then no one would use an attorney. An attorney isn't just filling out forms. The attorney understands what the form means, the purpose behind it and what the trustee wants or needs to know from the forms.
2. You have to attend the 341 meeting of creditors alone. Every time I am in Indianapolis for a bankruptcy hearing I explain to a client exactly what to expect from the hearing. This includes what questions a trustee is likely to ask as well as how to answer each question. And I have yet to see any attorney in Indianapolis who does not do the same thing for their client.
3. You are expected to know the bankruptcy rules/procedures, even if you don't have a bankruptcy attorney. I have watched a few bankruptcy debtors at 341 hearings profess over and over that they just didn't know that they were only allowed a limited amount of money on the date of filing, that they had to list all of their debts, that they had to list their car as property even though they don't own it outright, and on and on. The bottom line is that the trustees really don't care what you thought or what you do or do not know. The trustees are not permitted to give out legal advice and cannot tell you how to fix whatever mistakes you may have made on your petition when you show up for the 341 hearing.
4. You may not even qualify for a Chapter 7 bankruptcy. Do you really know when you are filing your own Chapter 7 bankruptcy that you actually qualify for Chapter 7 bankruptcy? Are you sure that your expenses on schedule J are reasonable? Just because you pay for something, such as a child's gymnastics lessons, horseback riding lessons, etc., does not mean that the bankruptcy trustee will find that expense to be reasonable. Do you know how to properly fill out the means test and are you taking all of the deductions that you could properly take?
5. You sign bankruptcy documents under penalty of perjury. This means that if you withhold information or fill out the bankruptcy form incompletely you could be prosecuted for federal perjury. This sounds like no fun to me. How do you know that your schedules are accurate and complete if you are not really sure what each and every schedule means?
6. The trustee can take your stuff. I watched a pro se debtor yesterday in Indianapolis who had not claimed any exemptions of his clothing, furniture and other personal property. He kept telling the trustee that he did not own anything. Finally, the trustee pointed out to him that he owns clothing, furnishings, and a car. The pro se debtor stated he believed that the trustee would not be interested in taking his clothing or furnishings because they are not worth anything. The pro se debtor didn't seem to understand what the trustee meant when she said he did not assert any exemptions and told the trustee he was not asserting any exemptions in his personal property. As a result of this pro se debtor not understanding what exemptions are, he could very well see the trustee take his stuff.
7. Not everything on the internet is accurate. Prior to writing this blog I spent about 15 minutes searching the internet for an article about how to file bankruptcy without an attorney. Surprisingly, I didn't find anything that was even close to being helpful. The bottom line is that no one can teach you how to file a bankruptcy including strategy of when to file as well as what might be a problem with your filing in an article. Bankruptcy attorneys went to college for 4 years, law school for 3 years and most have lost count of the number of bankruptcy petitions they have filed for debtors over the course of their career. The bottom line is that you can't learn everything on the internet.
The bottom line is that there are people out there who have filed their own Chapter 7 bankruptcy petition successfully. However, my guess is that there are more people out there who have filed their own Chapter 7 bankruptcy unsuccessfully; meaning they lost enough money or property in the process that it would have been cheaper to pay a bankruptcy attorney or meaning that their case was dismissed and they still owe all of the debts originally owed. At Halcomb Singler, along with many other law firms, the initial consultation regarding bankruptcy is free of charge. So, if you live in the Indianapolis, Kokomo, Zionsville, Fishers, Carmel or Noblesville areas and would like to meet with me regarding bankruptcy at the Carmel office of Halcomb Singler, call us at (317) 575-8222 or click here and give us your information and we will contact you for an appointment time that works with your schedule. I think you will be happy you took the first step to understanding whether or not bankruptcy would be beneficial for 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.
Friday, July 13, 2012
What is the "Best Interests of Creditors Test" in Bankruptcy?
Surprising as it may be, just now I was working on a Chapter 13 bankruptcy petition for one of my Indiana bankruptcy clients. Specifically, I was making sure that before I filed their petition that was no issue with the Best Interests of Creditors Test. Hence, my blog inspiration to explain what the heck a best interests of creditors test means for someone filing Chapter 13 bankruptcy.
Even though many of the potential clients I meet want to avoid Chapter 13 bankruptcy (in favor of Chapter 7 bankruptcy), there are many situations in which filing a Chapter 13 can be very beneficial. One situation in which it is very beneficial to file a Chapter 13 instead of a Chapter 7 even if you qualified is when you have more assets than Indiana exemptions. If you have read my blog before you know that there are limits to how much equity you can have in your home, personal property and cash (click here to read about Indiana exemptions). However, some people own property above and beyond the allowed exemptions that they want to keep. Chapter 13 is great because by making payments to the Chapter 13 trustee over the course of 3 to 5 years folks are often able to keep all of their property, even that which is over the exemption amounts and would have been seized by the trustee in a Chapter 7.
But as with just about every other legal conclusion, there is a catch. Through 11 USC section 1325(a), the bankruptcy code dictates that in a Chapter 13 bankruptcy you must pay in at least as much as would have been paid to unsecured creditors had there been liquidation in a Chapter 7 bankruptcy. So what does this mean in English? Let me try to explain through an example:
If Sally and Bob own a home in Indiana that is their primary residence they are entitled to exempt $35,200.00 of equity in that home in a Chapter 7 bankruptcy. Therefore, if Sally and Bob own a home worth $100,000.00 and owe $50,000.00 they have $50,000.00 in equity. They are allowed to have up to $35,200.00 in equity that is exempt; meaning that a Chapter 7 trustee can't take this value from them in bankruptcy. However, in this example Sally and Bob have another $14,800.00 that is not exempt. Since Sally and Bob have non-exempt home equity they, in theory, would have to turn over $14,800.00 to a Chapter 7 trustee to buy back their un-exempt equity if they wanted to keep the house. Otherwise, the Chapter 7 trustee would have the option to sell the house, pay Sally and Bob the $35,200.00 in allowed equity and distribute the remaining $14,800.00 to Sally and Bob's creditors.
So, in this example it might make sense for Sally and Bob to file a Chapter 13 bankruptcy in which they make payments to the Chapter 13 trustee over a period of 3 to 5 years. Filing a Chapter 13 could allow Sally and Bob to keep their house without paying a large, lump sum payment to a trustee. However, in order for the Chapter 13 to work for Sally and Bob their repayment plan must meet the best interest of creditors test. This means that Sally and Bob's unsecured creditors must receive as much money through payments over time in Chapter 13 as they would have received in a Chapter 7 if the trustee had liquidated the un-exempt asset. In this example it means that unsecured creditors must receive at least a total of $14,800.00 over the course of Sally and Bob's Chapter 13 repayment plan. So long as Sally and Bob agree to pay in more than this amount to unsecured creditors in their Chapter 13 the un-exempt property they would have lost in a Chapter 7 is protected in a Chapter 13.
Even though many of the potential clients I meet want to avoid Chapter 13 bankruptcy (in favor of Chapter 7 bankruptcy), there are many situations in which filing a Chapter 13 can be very beneficial. One situation in which it is very beneficial to file a Chapter 13 instead of a Chapter 7 even if you qualified is when you have more assets than Indiana exemptions. If you have read my blog before you know that there are limits to how much equity you can have in your home, personal property and cash (click here to read about Indiana exemptions). However, some people own property above and beyond the allowed exemptions that they want to keep. Chapter 13 is great because by making payments to the Chapter 13 trustee over the course of 3 to 5 years folks are often able to keep all of their property, even that which is over the exemption amounts and would have been seized by the trustee in a Chapter 7.
But as with just about every other legal conclusion, there is a catch. Through 11 USC section 1325(a), the bankruptcy code dictates that in a Chapter 13 bankruptcy you must pay in at least as much as would have been paid to unsecured creditors had there been liquidation in a Chapter 7 bankruptcy. So what does this mean in English? Let me try to explain through an example:
If Sally and Bob own a home in Indiana that is their primary residence they are entitled to exempt $35,200.00 of equity in that home in a Chapter 7 bankruptcy. Therefore, if Sally and Bob own a home worth $100,000.00 and owe $50,000.00 they have $50,000.00 in equity. They are allowed to have up to $35,200.00 in equity that is exempt; meaning that a Chapter 7 trustee can't take this value from them in bankruptcy. However, in this example Sally and Bob have another $14,800.00 that is not exempt. Since Sally and Bob have non-exempt home equity they, in theory, would have to turn over $14,800.00 to a Chapter 7 trustee to buy back their un-exempt equity if they wanted to keep the house. Otherwise, the Chapter 7 trustee would have the option to sell the house, pay Sally and Bob the $35,200.00 in allowed equity and distribute the remaining $14,800.00 to Sally and Bob's creditors.
So, in this example it might make sense for Sally and Bob to file a Chapter 13 bankruptcy in which they make payments to the Chapter 13 trustee over a period of 3 to 5 years. Filing a Chapter 13 could allow Sally and Bob to keep their house without paying a large, lump sum payment to a trustee. However, in order for the Chapter 13 to work for Sally and Bob their repayment plan must meet the best interest of creditors test. This means that Sally and Bob's unsecured creditors must receive as much money through payments over time in Chapter 13 as they would have received in a Chapter 7 if the trustee had liquidated the un-exempt asset. In this example it means that unsecured creditors must receive at least a total of $14,800.00 over the course of Sally and Bob's Chapter 13 repayment plan. So long as Sally and Bob agree to pay in more than this amount to unsecured creditors in their Chapter 13 the un-exempt property they would have lost in a Chapter 7 is protected in a Chapter 13.
If you live in the Indianapolis area including Carmel, Fishers, Noblesville, Tipton, Kokomo, Zionsville or Westfield and are contemplating filing a bankruptcy I am more than happy to meet with you. Please call me at 317-575-8222 to schedule your free consultation at our Carmel offices or click here and we will contact you for an appointment time.
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, July 9, 2012
Can I Rent an Apartment After Filing an Indiana Bankruptcy?
While there is certainly no rule that you cannot rent after filing either a Chapter 7 or Chapter 13 bankruptcy petition in Indiana, it may also not be easy. Of course, whether a landlord or apartment complex leasing manager decides to rent to you is their decision. While landlords may not use such reasons as gender, age, or sex to discriminate against renters....they are allowed to use credit to determine to whom they prefer to rent.
This is a very common question that people ask me when I meet with them regarding bankruptcy options at Halcomb Singler, LLP. Of course, it is common for those meeting with me to be behind on a mortgage and worried about losing their home. One of the biggest worries that most people who are behind on their mortgagees have is "where will I move if my house is sold at sheriff sale?" This is a very good question and one that must be considered.
What I often tell clients when they ask me about the potential difficulty of renting after filing bankruptcy is that it depends on where you are trying to rent. It seems to me that Indianapolis apartment communities are the most difficult to rent from after filing bankruptcy. Apartment communities receive many, many rental applications. In an effort to make sure that the apartment is not being accused of discrimination regarding it rental practices, many apartment communities base decisions whether or not to rent heavily on credit score. It is not uncommon for these communities to have a minimum credit score which one must have in order to rent at the community. If your score is below the minimum then you are out of luck. This process does not tend to go well for those who have just filed bankruptcy because, as you might imagine, bankruptcy decreases your credit score.
Where I believe my bankruptcy clients might have better luck is by applying to rent a house from an individual. I think it is important to be up front with the landlord and let him or her know that you have just filed bankruptcy. Taking the time to be honest and answering any questions the potential landlord may have regarding why you needed to file bankruptcy may go a long way. Plus, many landlords (even those who only own one rental property) may check your credit. You don't want them to be surprised when they see a bankruptcy filing. You never know, your landlord or a close family member of theirs may have needed to file bankruptcy in the past and may be receptive to helping someone get their fresh start. It may also be that the landlord may understand that since you have already filed bankruptcy that if you now sign a lease that you cannot now file bankruptcy on the rent owed.
Even though I believe smaller properties or even rental houses are a better bet for those looking to rent just after the filing of a bankruptcy, keep in mind that not everyone will rent to you and try not to get too frustrated or defeated. There are a few things you can offer to do which may sway an otherwise reluctant landlord to rent to you in spite of your recent bankruptcy filing. First, if you are surrendering a house in bankruptcy chances are that you have not paid the mortgage payment in several months. This should help in your ability to get some money in your savings account. Perhaps you can give the landlord some incentive by offering to pay the first two months (instead of just the normal first month) plus deposit in cash. You may also want to explain that now that you have filed for bankruptcy protection that there are many bills you once had to make that you no longer must pay, which frees up additional money for your rent. Finally, you may offer to turn over 11 post-dated checks to the landlord each dated the first day of the month for the term of a one-year lease. This will allow the landlord to take a check to the bank each month that you have already written. This way the landlord won't have to chase you down each month or wait for your rent to come in the mail. But if you do this you better make sure you have enough money to cover the rent each month on the date of the check so you don't incur a returned check fee and probably a late fee from your landlord.
The bottom line is that, although your bankruptcy filing will certainly make it somewhat more difficult to rent a home or apartment, it is not going to be impossible. If you have more questions about what might happen if you file a bankruptcy in Indiana I am available. I meet with potential bankruptcy clients for a one hour free consultation to discuss whether or not bankruptcy may be helpful in their situation and to answer any questions that they have about the process. For those who do decide to file bankruptcy, we offer flat fees and payment plans. If you would like to set up an appointment call our Carmel office at (317) 595-8222 or click here. I represent those who live in the Indianapolis and surrounding areas in both Chapter 7 and Chapter 13 bankruptcy cases and can speak with you about both chapters.
This is a very common question that people ask me when I meet with them regarding bankruptcy options at Halcomb Singler, LLP. Of course, it is common for those meeting with me to be behind on a mortgage and worried about losing their home. One of the biggest worries that most people who are behind on their mortgagees have is "where will I move if my house is sold at sheriff sale?" This is a very good question and one that must be considered.
What I often tell clients when they ask me about the potential difficulty of renting after filing bankruptcy is that it depends on where you are trying to rent. It seems to me that Indianapolis apartment communities are the most difficult to rent from after filing bankruptcy. Apartment communities receive many, many rental applications. In an effort to make sure that the apartment is not being accused of discrimination regarding it rental practices, many apartment communities base decisions whether or not to rent heavily on credit score. It is not uncommon for these communities to have a minimum credit score which one must have in order to rent at the community. If your score is below the minimum then you are out of luck. This process does not tend to go well for those who have just filed bankruptcy because, as you might imagine, bankruptcy decreases your credit score.
Where I believe my bankruptcy clients might have better luck is by applying to rent a house from an individual. I think it is important to be up front with the landlord and let him or her know that you have just filed bankruptcy. Taking the time to be honest and answering any questions the potential landlord may have regarding why you needed to file bankruptcy may go a long way. Plus, many landlords (even those who only own one rental property) may check your credit. You don't want them to be surprised when they see a bankruptcy filing. You never know, your landlord or a close family member of theirs may have needed to file bankruptcy in the past and may be receptive to helping someone get their fresh start. It may also be that the landlord may understand that since you have already filed bankruptcy that if you now sign a lease that you cannot now file bankruptcy on the rent owed.
Even though I believe smaller properties or even rental houses are a better bet for those looking to rent just after the filing of a bankruptcy, keep in mind that not everyone will rent to you and try not to get too frustrated or defeated. There are a few things you can offer to do which may sway an otherwise reluctant landlord to rent to you in spite of your recent bankruptcy filing. First, if you are surrendering a house in bankruptcy chances are that you have not paid the mortgage payment in several months. This should help in your ability to get some money in your savings account. Perhaps you can give the landlord some incentive by offering to pay the first two months (instead of just the normal first month) plus deposit in cash. You may also want to explain that now that you have filed for bankruptcy protection that there are many bills you once had to make that you no longer must pay, which frees up additional money for your rent. Finally, you may offer to turn over 11 post-dated checks to the landlord each dated the first day of the month for the term of a one-year lease. This will allow the landlord to take a check to the bank each month that you have already written. This way the landlord won't have to chase you down each month or wait for your rent to come in the mail. But if you do this you better make sure you have enough money to cover the rent each month on the date of the check so you don't incur a returned check fee and probably a late fee from your landlord.
The bottom line is that, although your bankruptcy filing will certainly make it somewhat more difficult to rent a home or apartment, it is not going to be impossible. If you have more questions about what might happen if you file a bankruptcy in Indiana I am available. I meet with potential bankruptcy clients for a one hour free consultation to discuss whether or not bankruptcy may be helpful in their situation and to answer any questions that they have about the process. For those who do decide to file bankruptcy, we offer flat fees and payment plans. If you would like to set up an appointment call our Carmel office at (317) 595-8222 or click here. I represent those who live in the Indianapolis and surrounding areas in both Chapter 7 and Chapter 13 bankruptcy cases and can speak with you about both chapters.
Friday, July 6, 2012
Bankruptcy Filings Are Down!
In the numerous articles I read regarding Bankruptcy I have noticed a theme in the past few days. The theme is that bankruptcy filings are down. Depending on the article, they reported that Chapter 7 and Chapter 13 bankruptcy filings were down 12%-14% and back to pre-2008 levels. This is great news! Hopefully it means that we are finally coming out of this recession (I know we technically came out of the recession some time ago, but it sure hasn't felt like that in Central Indiana of late).
In my bankruptcy law practice in Carmel, Indiana, I must say that I have not seen much of a slow down in Chapter 7 and Chapter 13 bankruptcy filings. And I know that when a person is struggling with his or her own debt that no news articles about bankruptcy going down are going to make them feel any better. The fact is that financial stress is a great burden on any person. As a result, I urge any person reading this blog who simply cannot seem to get themselves out of debt and is feeling hopeless to make an appointment to meet with a bankruptcy attorney. Most bankruptcy attorneys, including myself, will not charge anything for an initial consultation. At an initial consultation I listen to your story, speak with you about your income, expenses, assets and debt and make a recommendation regarding whether or not I believe you could benefit from the filing of a bankruptcy. Many people that come in to meet with me are surprised if I tell them that I don't think they are at a point where they need to file for bankruptcy protection. They assume that since I make a living filing bankruptcy petitions for folks that I have one goal.....to file a bankruptcy.
The fact is that I truly enjoy taking financial stress off of people. Sometimes that will be through the filing of a bankruptcy petition, but other times it is through helping the people come up with a plan to get out of debt, cut expenses, make extra income, etc. When the people I meet with leave my office they may or may not have decided to file bankruptcy, but they are always armed with the information necessary to make that decision. I meet with potential clients personally and do not sit them in front of a video for an explanation of bankruptcy or have them meet with a paralegal or legal assistant. I know that each person's situation is different and that he or she may have different questions. I try to give each of my clients personal attention and be available then and down the road for questions.
I have seen first-hand through the filing of bankruptcy by an immediate family member that it is stressful, scary, embarrassing and humbling to have financial problems. I will do all that I can to help. If you live in the Indianapolis area including Carmel, Fishers, Noblesville, Tipton, Kokomo, Zionsville or Westfield and are contemplating filing a bankruptcy I am more than happy to meet with you. Please call me at 317-575-8222 to schedule your free consultation at our Carmel offices or click here and we will contact you for an appointment time.
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 my bankruptcy law practice in Carmel, Indiana, I must say that I have not seen much of a slow down in Chapter 7 and Chapter 13 bankruptcy filings. And I know that when a person is struggling with his or her own debt that no news articles about bankruptcy going down are going to make them feel any better. The fact is that financial stress is a great burden on any person. As a result, I urge any person reading this blog who simply cannot seem to get themselves out of debt and is feeling hopeless to make an appointment to meet with a bankruptcy attorney. Most bankruptcy attorneys, including myself, will not charge anything for an initial consultation. At an initial consultation I listen to your story, speak with you about your income, expenses, assets and debt and make a recommendation regarding whether or not I believe you could benefit from the filing of a bankruptcy. Many people that come in to meet with me are surprised if I tell them that I don't think they are at a point where they need to file for bankruptcy protection. They assume that since I make a living filing bankruptcy petitions for folks that I have one goal.....to file a bankruptcy.
The fact is that I truly enjoy taking financial stress off of people. Sometimes that will be through the filing of a bankruptcy petition, but other times it is through helping the people come up with a plan to get out of debt, cut expenses, make extra income, etc. When the people I meet with leave my office they may or may not have decided to file bankruptcy, but they are always armed with the information necessary to make that decision. I meet with potential clients personally and do not sit them in front of a video for an explanation of bankruptcy or have them meet with a paralegal or legal assistant. I know that each person's situation is different and that he or she may have different questions. I try to give each of my clients personal attention and be available then and down the road for questions.
I have seen first-hand through the filing of bankruptcy by an immediate family member that it is stressful, scary, embarrassing and humbling to have financial problems. I will do all that I can to help. If you live in the Indianapolis area including Carmel, Fishers, Noblesville, Tipton, Kokomo, Zionsville or Westfield and are contemplating filing a bankruptcy I am more than happy to meet with you. Please call me at 317-575-8222 to schedule your free consultation at our Carmel offices or click here and we will contact you for an appointment time.
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, July 3, 2012
Want to save money? Stop Moving. Tips to Save Money During Your Move
Somehow since it had been 7 or 8 years since I moved I apparently forgot how expensive it is to move. There are the movers (or moving truck), the boxes and packing materials, the cleaning supplies for both the old and new place, the replacement of all of the stuff you threw out in preparation to move and then wish you hadn't thrown out....and that's just the beginning. Few people move into a house that is just the way they want it. Most think the previous owners did a bad job of keeping it up and want to paint, landscape, change out the countertops, etc., to make the new house their home. And perhaps one of the biggest. FURNITURE. Have you been to a furniture store lately? It basically costs as much to furnish your home as it did to buy it. I literally saw a few coffee tables that cost about $2,000.00. Are you kidding me? Is it leafed in gold? So in celebration of my recent move I thought it would be beneficial to discuss some tips for saving money while moving.
1. Protect the things you already own: the last thing you want to do is spend money replacing the stuff you already owned when you moved, but was damaged during transit. Although it is a pain, it is important to wrap your items so that they can get to your new home in one piece. I even bought kits for dishes at the store where each dish was individually wrapped and glasses were also separated from each other in a grid pattern. Although the packing materials cost money, they cost less than replacing your dishes.
2. If possible, use a cooler to transport condiments, frozen foods, etc.: Before a move everyone stops going to the grocery store so there is usually little food to move. However, there are always going to be condiments, salad dressings, etc., that are left when it is time to pack up the truck. Instead of tossing a bag full of perfectly good condiments in the trash I got a bag of ice and put them in a cooler. This tip will make that first trip to the grocery store after getting into the new house a bit less painful for you wallet.
3. Don't feel as if your new house must be perfect overnight: When you move to a new house there are usually a lot of things you want to do right away. Unless you are a gifted handyperson, there is a good chance you are going to have to pay some to get these projects done. So if your house needs to be painted on the exterior, landscaped and you need a new roof on the detached garage you are talking some real money. Prioritize which projects are most important to you and what order makes sense. In this example it might make sense to rip out the old landscaping (which you can do yourself) and then have the exterior of the house painted. This way, the painter can get to the house to paint it without having to fight through the overgrown bushes, which could save you money on the time it will take him to paint. After the painting is done it would be a good time to bring in the landscapers. This will make the exterior of the house look great since you have already had it painted. You can also talk to the landscaper about ways to save money such as planting the plants yourself after they lay out the plan. In our example you may decide to hold off on the roof for the garage. After all, you are spending a pretty penny on painting and landscaping, so something will need to wait.
4. Take it slow with furniture: Chances are that you already own some furniture. It may not be your dream furniture that you always pictured in your new house, but it is functional. Keep this furniture for the move to your new home. Do not be tempted by the 10 years same as cash offers from the furniture stores....okay, I am exaggerating the amount of years that they give you but my point is do not buy furniture on credit. Save up for each piece of furniture that you want and buy it when you can pay cash. Not only will this make you think long and hard about each piece and how much you want it before you buy it, it will also keep you out of credit card debt.
What methods have you used in the past to save money while moving? I would love to hear about them so feel free to post them in the comments section of this blog. As always, call Halcomb Singler, LLP if you live in central Indiana and are struggling with debt and want to explore your bankruptcy or debt settlement options. There is no fee for the consultation. Give us a call at 317-575-8222 to schedule your 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.
1. Protect the things you already own: the last thing you want to do is spend money replacing the stuff you already owned when you moved, but was damaged during transit. Although it is a pain, it is important to wrap your items so that they can get to your new home in one piece. I even bought kits for dishes at the store where each dish was individually wrapped and glasses were also separated from each other in a grid pattern. Although the packing materials cost money, they cost less than replacing your dishes.
2. If possible, use a cooler to transport condiments, frozen foods, etc.: Before a move everyone stops going to the grocery store so there is usually little food to move. However, there are always going to be condiments, salad dressings, etc., that are left when it is time to pack up the truck. Instead of tossing a bag full of perfectly good condiments in the trash I got a bag of ice and put them in a cooler. This tip will make that first trip to the grocery store after getting into the new house a bit less painful for you wallet.
3. Don't feel as if your new house must be perfect overnight: When you move to a new house there are usually a lot of things you want to do right away. Unless you are a gifted handyperson, there is a good chance you are going to have to pay some to get these projects done. So if your house needs to be painted on the exterior, landscaped and you need a new roof on the detached garage you are talking some real money. Prioritize which projects are most important to you and what order makes sense. In this example it might make sense to rip out the old landscaping (which you can do yourself) and then have the exterior of the house painted. This way, the painter can get to the house to paint it without having to fight through the overgrown bushes, which could save you money on the time it will take him to paint. After the painting is done it would be a good time to bring in the landscapers. This will make the exterior of the house look great since you have already had it painted. You can also talk to the landscaper about ways to save money such as planting the plants yourself after they lay out the plan. In our example you may decide to hold off on the roof for the garage. After all, you are spending a pretty penny on painting and landscaping, so something will need to wait.
4. Take it slow with furniture: Chances are that you already own some furniture. It may not be your dream furniture that you always pictured in your new house, but it is functional. Keep this furniture for the move to your new home. Do not be tempted by the 10 years same as cash offers from the furniture stores....okay, I am exaggerating the amount of years that they give you but my point is do not buy furniture on credit. Save up for each piece of furniture that you want and buy it when you can pay cash. Not only will this make you think long and hard about each piece and how much you want it before you buy it, it will also keep you out of credit card debt.
What methods have you used in the past to save money while moving? I would love to hear about them so feel free to post them in the comments section of this blog. As always, call Halcomb Singler, LLP if you live in central Indiana and are struggling with debt and want to explore your bankruptcy or debt settlement options. There is no fee for the consultation. Give us a call at 317-575-8222 to schedule your 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.
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