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7 “Guaranteed” Financial Tips to Start 2017

With the start of 2017, an opportunity for a new financial future awaits for those who are willing to make financial changes in their life.  This article discusses seven tips for turning over a new financial leaf in 2017. These tips are not “pop culture” advice or entertainment: they require great life changes and sacrifice.  However, committing to these simple tips will guarantee new financial growth and success.  These tips are truly life-changing. 

Tip Number One: Reduce Your Expenses

Reducing expenses can quickly relieve financial stress.  Restructure your expenses such as monthly housing costs, automobile payment, or other reoccurring monthly expenses to be as close to $0 as possible.  Nothing is impossible unless you do not try. Remember, finances are determined by the numbers. Numbers do not lie and they do not change. If you can structure your budget with as low expenses as possible, your financial life will always be much easier.   Some of these reductions may require some major life changes. 

Tip Number Two: Go “Paid in Full”

Many Americans have become accustomed to purchasing homes and vehicles through financing. Mortgages, car loans, and personal loans only make life more difficult.  By adopting a paid-in-full mentality, everything in life becomes much less expensive. In addition, a paid-in-full mentality can quickly increase your net worth.  Sacrifice and even massive financial changes such as bankruptcy maybe necessary before you can adopt a complete paid-in-full mentality.  Also, a realignment of what’s important in life may also be in order before a paid in full mentality can be adopted.  If you are required to rent the least expensive option possible as you acquire financial knowledge so that you can live “paid-in-full,” it is still worth it.   Starting from the “ground-up” will revolutionize every financial aspect of your life. 

Tip Number Three: Work Easier

Over the years, we have seen many people working incredibly long hours. Sometimes people work two jobs or work a full-time job while operating a full-time business. Even in these situations, we have seen people desperately struggle just to stay afloat financially. Sometimes the best advice is to simply set up an easier work situation. If you’re too exhausted or simply do not have time to learn about financial things, then you need to shut down the direction you are going.  You need to shut everything down.  Take the time to slow down and plan the financial direction of your life.  Make life easier and much more financially rewarding!

Tip Number Four: Work Smart

Hard work alone can bring very disappointing results.  To achieve success in life, you must also work smart.  How much you can achieve in your financial life usually comes down to a simple equation: how hard you work is multiplied by how smart you work.  If you only spent 1/10 of the time each week planning on how you would work “smart,” then drastic improvement to your financial situation would rapidly occur.  If you make plans to work “smart,” then your precious labor hours will no longer be stolen away on generating just enough income to pay the bills.

Tip Number Five: Do Not Put Off Financial Education Any Longer

Following closely the previous tip of working smart, tip number five is to finally spend time seeking a full financial education.  People who do not have a financial education tend to work more hours with much less reward.   In order to get a full financial education, you must first forget and reject everything that you currently believe about finances. A financial education can be life-changing if you are willing also to make massive life changes in accordance with your new financial knowledge.  If you make following your new financial education a “life mission”, new wealth and ease of living will quickly follow.

Tip Number Six: Have Fun Getting Financially Smart

Getting financially smart can actually be fun. We all enjoyed playing Monopoly and over financial games when we were children. Financial endeavors and the accumulation of financial knowledge can feel more like an adventure then a burden if you pursue it in some a child-like, enjoyable manner. Setting up your life to enjoy a productive financial journey can be one of the best decisions you make during life.  Make it fun.   Turn it into an adventure.   

Tip Number Seven: Get Out of Debt

Getting out of debt is great way to restore financial freedom. If you are able to make a solid plan that can get you out of debt in two to three years, take action on that plan!  Treat it like an adventure. If you are unable to make a reasonable plan for getting out at debt, then you need to speak with a bankruptcy attorney.  It is pointless to “spin your financial wheels” your whole life.   It is also very disheartening to live your entire life paycheck to paycheck.   Make a resolution this year that will truly change your life forever: get out of debt and make it your life mission to make a solid plan for your financial future.

What Happens to my Belongings in a Repossessed Car?

Your car has been repossessed without notice. How do you get your belongings back? Have you lost the items that you left in your car forever? This blog article discusses what happens to belongings left in an automobile during a repossession.

Act Quickly: You Have Only a Short Time After Car Repossessed

If you have lost belongings during an automobile repossession, you need to act quickly because you only have a short time. You need to contact the company that financed your car to see which company was contracted to repossess your vehicle.   After you have ascertained who has possession of your vehicle, you need to set up an appointment to get your belongings back right away.

There May be a Charge to Get Your Belongings Back

The company that is holding your vehicle may have a service charge for setting an appointment to get back your belongings. If the value of your belongings is minimal, it may not be worth the drive or the expense to get them back. However, for more valuable items, this trip and fee may be more reasonable than replacing the items. Remember, any attempt to retrieve your belongings must occur before your vehicle is scheduled to go to auction.  Attempt to get your belongings back as early in the process as possible.  If your vehicle has already sold at auction, it very likely that the automobile auction company already disposed of any belongings that remained in the vehicle.

Retrieving your Vehicle in Addition to Your Belongings

If you also desire to retrieve your vehicle, the company holding your vehicle for auction usually has a reinstatement amount calculated for your loan. If you are willing to cure any back payments and pay for the cost of repossessing the vehicle, the lender is usually very willing and ready to return the vehicle to you. Be careful, however, to calculate the costs and benefits of retrieving a vehicle that is behind in payments.  If the loan is “upside down” or you have a considerable amount of other debts, it may be advisable to file for bankruptcy or attempt to settle the debt.  Purchasing a paid-in-full or more affordable automobile could possibly better serve your financial goals.     

Back Child Support and Bankruptcy

Finding yourself with large amounts of back child support can be a difficult position.  Many people are desperate for a solution for paying their back child support. Bankruptcy can be a solution for back child support in certain situations. It is important to understand exactly what bankruptcy can and cannot do with back child support.

Image of Stressed Man who is behind on Child support

Chapter 7 bankruptcy cannot discharge back child support

Many people turn to Chapter 7 bankruptcy in hopes that it will get them some kind of relief from their difficult back child support situation. However, back child support cannot be discharged in chapter 7. Although Chapter 7 can still be of great assistance because it can discharge many other debts, any back child support amount will remain the same after you file your Chapter 7 case.

Chapter 7 coupled with a child support modification

In certain situations, Chapter 7 bankruptcy can eliminate other forms of debt in order to allow a person to focus on modifying and then repaying back child support obligations.  With heavy debt loads and aggressive collection, paying down a child support debt can sometimes be impossible.   By removing all other debts, the focus can turn entirely to reducing back child support amounts through a payment plan or modification.

Child-support modifications are essential in situations where a party is paying more child-support than what their income requires.  If a period of unemployment or a drop of income has occurred, you may need to seek a family law attorney to help you modify the amount you pay in child support.   Such a modification coupled with a Chapter 7 bankruptcy filing can be life-changing.  Such a combination can turn an impossible situation into a workable and much less stressful setup.  A setup you will be able to afford.  

Chapter 13 can assist in paying off back child support obligations

Chapter 13 can sometimes assist in paying off back child support obligations. Through the Chapter 13 case you can sometimes pay your back child support obligations through the Chapter 13 plan.  This gives workable format for the child support debt to be repaid.  All your debts (sometimes including the back child support) can be repaid through one monthly payment. 

By the end of the Chapter 13 case, the entirety of your back child support debt is required to be paid.  In addition, you must also have your current, ongoing child-support payments up-to-date by the end of the Chapter 13 plan.  Similar to Chapter 7 in how it alleviates your debt situation, Chapter 13 bankruptcy can also be used to powerfully restructure your debts to allow child support obligations fully paid off.