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Indianapolis Bankruptcy Payment Plans

Bymaster Bankruptcy Law Offices offers payments plans

Our office, like some other Indianapolis bankruptcy offices, offers payment plans.  Essentially, we try to work with everybody to help them get out of debt.  If you are considering bankruptcy around Indianapolis, you may want to know a few things about bankruptcy payment plans.

Bankruptcy Payment Plans for Indianapolis Chapter 7 Cases

If you want to file Chapter 7 bankruptcy near Indianapolis, you may especially be in need of a payment plan.   First, the range of what Chapter 7 costs varies somewhat between office to office.  Although many offices offer payment plans of various types, it may be important for you to chose an attorney on the more affordable end of the spectrum.   This could cut your payment time down dramatically.   Remember that some attorneys charge as much as $1500, $1800, or even $2000 or more just for Chapter 7 bankruptcy attorney fees.  This amount may not include the $335 court cost.  Generally, if you find someone less than $1000-$1200 on the attorney fee range (not including the $335 court cost), you are most likely choosing an Indianapolis bankruptcy attorney on the more affordable end of the spectrum.

Secondly, and Indianapolis bankruptcy payment plans can greatly assist because you are generally required to pay all the fees for Chapter 7 before you file your case.  This can put you into a difficult position if you need to file immediately due to a garnishment or other emergency situation.   We usually attempt to work with everybody to the best of our ability to get their case filed quickly.  An affordable office will understand you are limited on financial ability at the moment: that is why you are filing for bankruptcy.   Our clients’ payment plans usually range between $50 to $250 per month (or sometimes greater if they want to go faster).  An affordable office will work with your budget to help you get out of debt.

Bankruptcy Payment Plans for Indianapolis Chapter 13 Cases

Payment plans may not always be necessary for Chapter 13 cases because the Chapter 13 itself is a payment plan.  Therefore, you are allowed to also pay your attorney’s bankruptcy fees through the Chapter 13 case.   The amount that you are required to pay in your Chapter 13 monthly payment will be determined by your income and how much debt you want to pay through the plan.   A good focus on Chapter 13 is how much you will be required to pay before the bankruptcy case is filed.  You are usually always required to pay at least the $310 court cost.  Some attorneys will also charge somewhere between a $100 to $2000 down (or more) before they will file the Chapter 13 case.  Our office attempts to offer $0 down filing on Chapter 13 whenever possible: only in limited situations are we not able to offer $0 down on the attorney fees to file the Chapter 13 case.

Conclusion: A Good Payments Plan can be Critical for Allowing You To File Bankruptcy

Whether Chapter 7 or Chapter 13, a good payment plan can be an essential element for getting enough money together to file for bankruptcy.  In Indianapolis, anticipating a payment plan can be an important step as you consider bankruptcy.  We are an office that has worked with thousands of Hoosiers to get their bankruptcy case filed through a payment plan.  If you give us a call, we will do our best to work with your budget to make a payment plan that works for you.

Indianapolis Bankruptcy Attorney Who Wants Financial Experts

3 Tips To Become a Financial Expert

Finding a bankruptcy attorney can create a powerful change in life.  To keep that powerful change a part of your life, however, you will need a financial education.  Filing Chapter 7 bankruptcy can be one of the most cost effective and powerful ways of getting out of debt, restoring your credit, and stopping aggressive collection.   But, to stay out of debt, you need to have financial education and a plan.   As an Indianapolis bankruptcy office that also offers financial education, we want our clients to become financial experts after they get out of debt.  Here’s a few tips on how to become a financial “expert” after bankruptcy.

Image to illustrate that there are 3 tips to become a financial expert

1. Forget What You Know

The biggest hindrance to becoming a financial expert is to hold on to what you believe about finances.  If you “forget” everything you know about finances, you will be forced to relearn everything straight from the beginning.  You do not want to hold on to the financial failures of the past.   Make a commitment to do NOTHING with your finances until you have relearned everything you know straight from the beginning.  Most importantly, however, forget everything you have learned from your family, friends, and past life and start over, straight from the start.  Hit the library and the internet and just keep going.

2.  Commit to do the Opposite of What Everyone Else is Doing

Mortgages, auto loans, credit cards – everybody is doing it.   You need to do the exact opposite of what everyone else is doing.  With everything, you need to seek the absolute least expensive option for achieving your goals.  From my position, I have heard the same thing many times: “It’s impossible to find a home for less than . . $800, $1000, $1200, $1600 per month.”  Or I have heard, “It would be impossible for me to have a paid-in-full car or house.”  You can insert any figure or phrase you want, it’s always the same word that they use: “It’s impossible” . . . or is it?

Maybe your goal should be to have somebody pay you $400 per month to live somewhere. Maybe your goal should be to get a very dependable car for $200, $400, $600?   Something is only impossible when you put that label on it.   It becomes impossible simply because you have completely excluded it from any future thought or consideration. You need to learn how to do the exact opposite of what everyone else is doing when it comes to finances.   Do not be so self-conscious or limited to feel that you must do exactly what everyone else is doing with their finances.  Do not try to show off or keep up with “the Jones’s.”  Suburbia can be deadly to your financial statement.

3.  For Every Ten Hours You Work, Spend One Hour Learning How to Use Your Money

I have always asked the same question: why would someone work tirelessly for an entire life for 40-50 hours per week but never spend 1 hour per week (or year) on learning how to maximize their benefit from that money?   I have seen countless times people making over $100,000 per year that need to file bankruptcy every 8-10 years.   Another person making the same $100,000 per year may have $600,000 or more in assets.  Why?  It’s very simple: some people have an adamant desire to never learn about finances and NEVER change their ways.  These people work harder, have harder lives, and have nothing to show for all their labor.

These dear, beloved people that do not have anything to show for their labors usually share one thing in common: they spend no time on learning how to use their money.  They spend nearly zero time on learning how to use their money, but they work tirelessly on earning more and more to pay the bills.   Many times emotional attachments to home, automobiles, and other “stuff” clouds their judgment: they simply cannot change.

In place of being stuck in such a predicament, think about the opposite strategy.  What if you spent 1 hour learning about money for every 10 hours working?   In this strategy, you would also still need part two: following whatever you learned no matter how different or undesirable it may seem.   If you truly applied this simple strategy, you would go from financial woes to financial success in a very short period of time.

Conclusion: File Bankruptcy if Necessary But Afterwards Become a Financial Expert

Bankruptcy can be a very powerful tool for getting a fresh start in life.  But this fresh start only goes so far.  If you become a financial expert after bankruptcy, you will be a true success and have a true fresh start that will be rewarding for the rest of your life.

Will I Lose My House In Indiana if I File For Chapter 7 Bankruptcy?

Image illustrating the question - will I lose my house if I file Chapter 7 bankruptcy
Our Indiana clients frequently ask the same questions about Chapter 7: “Will I lose my House?”   The answer to this is usually “NO.”   You will not lose your house usually if you file for Chapter 7.   This is because your residence, to a certain degree in Indiana, is protected by Indiana’s bankruptcy exemptions.  Let’s discuss why your home is usually protected in an Indiana Chapter 7 and the situations in which it is not protected.

Indiana’s Residential Real Estate Exemption Frequently Prevents You From Losing Your Home in Chapter 7

In Indiana, you are allotted an residential real estate exemption of $19,300 per person (as of March 1, 2016).  If you and your spouse are filing together and are both on the deed to the house, your exemption doubles to $38,600.   This “exemption” simply means that you can have up to approximately $20,000 of equity per person that is fully protected when you file Chapter 7 in Indiana.  You will not usually lose your house in Indiana if you have less (or similar) equity to this amount.

Beyond the Indiana real estate exemption, you can also keep your house usually in Indiana because most people who file for Chapter 7 have a mortgage.   If you have a mortgage on your residence, you also get to subtract the total mortgage balance from how much your home is worth.  As an example, pretend you have a home worth $95,000. Then, you could subtract your $80,000 mortgage (example only) and your $19,300 exemption.  In such a case, your home would likely be fully protected when you file Chapter 7 in Indiana.

Some Situations in Indiana Where Your Home is Not Protected in Chapter 7

Although our office encounters it with much less frequency, some situations come up from time to time where Chapter 7 does not fully protect your home in Indiana.   Too much equity or owning a home paid-in-full: these are the most common situations where you could lose your house if you filed Chapter 7.   Usually, however, we can still frequently find a solution that will let you keep your house.  You can frequently still keep your house in these situations by either settling with the Bankruptcy Trustee or filing Chapter 13.

Other situations can develop in Indiana (although extremely rare) where you could lose your house in Chapter 7.  These situations are rare – being on someone else’s deed, having real estate where you no longer live, having a home gifted to you – these are just to name a few that we have encountered over the years.   It is absolutely critical that you seek the counsel of a bankruptcy attorney when you plan for Chapter 7.   Getting a consultation with an Indiana bankruptcy attorney should be your first step.  This can help eliminate any concern about your home (or other houses).  It is important to have a full debt relief plan.

 

Best Indianapolis Bankruptcy Attorney Suggestions For Staying Out of Debt

As an Indianapolis bankruptcy attorney, I have witnessed multitiudes of people getting deeply into debt.   My best suggestions for staying out of debt are very simple and easy to follow.  Being an Indiana Bankruptcy Attorney for several years, I have seen debt close up and personal.  Although it may take a major overhaul in your approach to life, this list of my best suggestions for staying out of debt can change your life forever.

1.  Get Your Monthly Expenses as Close to Zero as Possible

Keeping your expenses as close to zero as possible is one of my best suggestions.   You need to make amazing, almost-impossible sounding goals in keeping your expenses low.  Do not think, “How can I get a home for $800 per month?”  Think more like, “How can I found I place for free or $100 per month?”  Remember, some people are PAID to live where they live such as situations where someone receives housing for their job or lives in a duplex.

You need to forget everything you are accustomed to doing and rethink life.   If you can get your expenses as close to zero as possible, you will be very unlikely to get back into debt.   If your expenses are very low or zero, then you can save or invest  every bit of money that comes into the household.

2.  Cut Mortgages and Car Loans Out of Your Life

Another of my best suggestions for staying out of debt is to avoid mortgages and car loans at all costs.   Serving as an Indiana bankruptcy lawyer for many years, I have personally witnessed mortgages and car loans ruin peoples lives countless times.   Responsible, minimal use of mortgages and car can sometimes be advantageous, but are they ever truly necessary?  Plans for obtaining paid-in-full homes and cars (or affordable rent) – these are the better way to go.  We RARELY see cases where mortgages and car loans are used responsibly and correctly.

Being a follower of Jesus, I use every opportunity to point out truths from the Bible.  About mortgages and car loans, the Bible has a very applicable verse in Proverbs 22:7: “The rich rule over the poor, and the borrower is servant to the lender.”  If you use mortgages and car loans to support your life style, you very likely put yourself into the category of being willfully “ruled over” by the rich.   You are being used by them.   They are taking all of your money every month.  You are paying 2-3 times (or more) than the value.  Cut mortgages and car loans out of your plans for life!

Image quoting proverbs to illustrate Indianapolis Bankruptcy Attorney John Bymaster's suggestions to avoid debt

3.  Ignore What Everyone Else is Doing and Apply the Truth

This is most likely my best suggestions as an Indianapolis bankruptcy attorney for staying out of debt.  You simply need to IGNORE what everyone else is doing and seek out the truth about finances.   Money is cold, hard, and indifferent.  It works on simple, basic truths: it’s simply mathematical!   You can learn the best ways of using money directly from people who are successful.  You will find quickly that these successful people usually do the exact OPPOSITE of what everyone else is doing.

Most people will work 40-50 hours per week for the majority of their adult life.  However, most people never take the time each week to spend only 1 hour in study and reflection on what they should do with their money.   You need to learn the truth about finances and then apply the truth if you want to stay out of debt.  Setting aside a couple hours each week for this purpose (along with a commitment to change) will drastically change your life.

Conclusion: Apply My Best Suggestions and Seek Out More

Reading through an article like this can be very thought-provoking.   So many times, however, we receive wonderful suggestions for staying out of debt only to continue exactly in our old ways.  If you want a truly changed life, follow these best suggestions that I have developed over the years for staying out of debt.  In addition, the books line the shelves: the greatest financial minds in history have left all their best suggestions also in countless books ready for you to consume and apply in your life.