The Barrington, a high-end retirement community in Carmel, filed for Chapter 11 bankruptcy protection on January 30th, 2019. The community ... Read More
The locally popular Scotty's Brewhouse has filed for Chapter 11 bankruptcy relief. This well known, locally-grown Indianapolis chain has been ... Read More
Like most Americans, you may find yourself on a budget during the Valentine’s Day season. You either may not have the extra money to spend or you are being responsible by staying on your budget. Stay romantic and do not worry! Doing Valentine’s Day on a budget will make a memorable experience that will far exceed the trivial dinner out with flowers.
Do a “Budget” Picnic at Home
Doing a picnic from home can be the perfect way to make Valentine’s Day affordable on a budget. There is nothing more romantic and memorable than enjoying a dinner together that you also cooked together. I remember a gloomy, and snowy Valentine’s day where my wife was driving back from work. I surprised her with all of the ingredients for our dinner together, ready to go and laid out with candles. She was so relieved to see that we did not have to leave again to go back out into the cold for dinner. Even to this day, she said that the evening was one of her most memorable experiences.
Do Flowers on a Budget
One of the most enjoyable features of Valentine’s Day is giving your loved one beautiful flowers during an otherwise brown or icy time of the year. Doing flowers on a budget can be a much more genuine expression of love than a showering a mass of delivered flowers. Most people purchase expensive flowers and have them delivered or spend the time to present them in their home. What if instead, you personally or thoughtfully delivered them at work? The personal touch is always best and more endearing. The single rose more thoughtfully and genuinely delivered will far exceed the impact of several expensive bouquets.
Do Romantic Creativity on a Budget
We have all seen the most romantic of gestures carried out with little or no expense. Remember, any romantic gesture – whether a gift or experience to share – comes from your intimate and loving knowledge of the other person. It does not come from your pocketbook! For example, I once gave an illuminated scramble sign to my wife one year. It had a personal message that encourages her every day now over her desk. You need to find something that you can personally customize to make the gift or experience more memorable and endearing. Your spouse or loved one will genuinely appreciate the care and imagination that you put into your otherwise budget-compliant gift.
What actually happens during bankruptcy is the release (or total forgiveness) of your debts. To get this release, you must provide some financial documents and official government paperwork to formally request that your debts be forgiven. After the full bankruptcy process is completed, you will receive a “discharge” that permanently eliminates your debt.
Providing Paperwork and Finishing Forms
You will be required to provide certain paperwork including a list of your creditors, your current income, and at least two years of taxes. After you have provided the paperwork and take a small required bankruptcy class, you can then review and sign your petition with your attorney. This gets everything ready so that your case can be filed. There are usually also court costs and attorney fees required for the process as well.
Filing the Bankruptcy Case with Federal Court
You or your bankruptcy attorney will then file your bankruptcy request with the federal court. During a filing, you must submit a full, completed bankruptcy petition that is accompanied with other required paperwork and documentation. Usually, you must also submit your last 60 days of income and a copy of the certificate that shows that you have taken the required bankruptcy class. After the case is filed, a trustee (a bankruptcy-reviewer) will automatically be assigned to the matter to review the case. Also, a bankruptcy meeting will be set out 30-40 days into the futurewhere you will briefly meet with this trustee and any creditors who wish toattend.
The Bankruptcy Meeting and Required Follow-Up
After the case is filed, you will go to this single bankruptcy meeting. The trustee will ask you a series of questions related to your case. Even though the bankruptcy case is already filed, certain follow-up work will be required with your attorney and sometimes the trustee. This follow-up work will likely occur both before and after the bankruptcy meeting. It is critically important to follow the instructions of your attorney and bankruptcy trustee to make sure that your Chapter 7 Bankruptcy is successful. You also must take your second bankruptcy class and make sure that the certificate is filed with the court.
Do You Need Bankruptcy to Actually Happen for You?
The above description of the chapter 7 bankruptcy process hopefully dispels any initial fear of what actually happens during bankruptcy. The bankruptcy process is not as stressful as you may think. In fact, the bankruptcy process usually instead brings desperately-needed stress relief. Contact a bankruptcy attorney for a free consultation to allow you to consider whether bankruptcy is right for you.
What are clear signs that you need to file for bankruptcy? This question can be answered by in a few basic ways. There are three basic signs that strongly indicate that bankruptcy is something that you may want to consider.
Sign #1: Staying in the Same Place or Worse for Years
Are your finances currently impossible? If you believe that you will be in the same place still in 2 to 3 years, you should consider bankruptcy. You should be able to substantially pay down or settle your debts within a reasonable time period such as 2 to 3 years. If this is impossible, you should probably get theChapter 7 debt release to start over. Do not get into a situation where you were just “spinning your wheels.” If a 2-3 year plan to reduce your debt is not possible, all signs point to you needing to file bankruptcy.
Sign # 2: Collection Destroying Your Ability to Pay Bills
Another sign that bankruptcy is right for you is when collection activity is destroying your ability to pay bills. If your wages start getting garnished, it may quickly become impossible to pay your monthly bills. A garnishment can easily “throw a wrench” into your finances that causes everything to shut down. A bank account freeze can have an even worse effect. Large amounts of money can become instantly frozen in your account. If acollection is becoming as aggressive as a bank account freeze, then it is probably time to file bankruptcy.
Sign #3: Your Credit Future is Indefinitely On Hold
When your credit future is on hold indefinitely
due to defaulted accounts, you may need to file bankruptcy. Having bad credit
can make life very difficult. It is also another clear sign that bankruptcy may
be good for you. Do not put future dreams such as buying a house or other items
on hold indefinitely. Protect yourself and provide for your future by exploring
bankruptcy options.
Bymaster Bankruptcy Law Offices Offers Free Consultations. To schedule your free initial visit, contact our office at 317-769-2244.
The Number One Cause of Bankruptcy: Lack of Financial Knowledge
You can always trace back an immediate cause for bankruptcy. Ultimately, the number one cause of bankruptcy is lack of financial knowledge. Without adequate financial understanding, you can easily set up your life in a way that leads to bankruptcy. There are, however, three basic financial concepts that if applied will usually prevent any future need for bankruptcy relief.
Live Way Under Your Means
Most people file bankruptcy because they are living paycheck to paycheck. The root of this cycle, however, is that most people live right at or above their means. The solution is simple: learn how to live way below your means. If your living expenses only consume 50% of your income, then your financial life will always be easier. You will also have money to save and invest.
Learn how to live well without paying the accompanying costs that most people accept as part of the package. Many financially-savvy people are living practically for free due the living situation they have developed over the years. Still, others decide to spend every bit of their business or job income on their house mortgage, cars, and other frills of life. The truth is in the numbers. The truth can be found through gaining financial knowledge and then boldly applying it. Sometimes this even requires doing the opposite of everyone else with your income.
Save and Invest Left-Over Money
It almost goes without saying that the next step is to save and invest all leftover money each month. Investments can increase your income. Savings can also prevent financial disasters when something unpredictable happens. As you save and invest, a cycle develops where life gets easier and easier.
Make Sure All Gaps are Covered
It is also important to cover all the gaps in life. This includes important things such as insurance, following legal requirements, and having a balanced and thoroughly-thought-out life. Remember, all financial “gaps” should be covered in your life at all times. A small hole in the armor of your financial life can allow a dart to pass through that can wreak havoc and lead to bankruptcy. You cannot plan for every possibility in life. It is vitally important, however, to close all obvious gaps that could lead to serious financial problems.
Conclusion: Application is the Key
Apply these three financial concepts to your life. Your increased financial savvy will not only prevent bankruptcy but also make your financial life much easier. Remember, you can actually end up acquiring large amounts of financial knowledge with very little real-life benefit. Only bold and disciplined action will your life actually change for the better.
