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How to Change your Financial Worldview

Financial Education Course #2

Indianapolis Bankruptcy Attorney John Bymaster explains the importance of changing your financial worldview.

Changing your financial worldview is a much larger task than what you may first anticipate. It requires a tremendous amount of dedication. It requires you to make drastic changes to how you approach life. It usually also requires you to do the exact opposite of what most other people are doing around you. You may feel like a loner, the only person in the crowd with vastly different financial goals.

The best way to explain how to change your financial worldview is to give some examples that will start moving the way you think in the right direction. Remember, changing your financial worldview is something that takes commitment. Massive changes to your life will be required. Below we have explained five examples of how your financial worldview will may need to change.

1. Be Productive and Make “Work” Your New Best Friend

There are no limits to those who choose a good attitude about work and business. The popular personal finance book, “The Richest Man in Babylon” by George Samuel Clason, gives an example of someone who worked from the bottom to the top by making work into a “best friend” instead of a mortal enemy.

If we fear work or make it our enemy, we will never be able to open a business or be successful in our employment. If we drop all our fears and bad attitudes relating to finances, we can start truly be productive and excited about financial things instead of dreading them.

2. Make it your Goal to Learn About Money the Same Amount of Time That You Work for It

How many people do you know that will punch in and out faithfully everyday for work, spending at least 40 hours towards working each week? Out of those people, how many people do you know who spend even 15-30 minutes each week learning about money or how it works? The answer is not too many – almost none at all.

Why is this? Learning about business, financial skills, and how money works – these are all very easy and enjoyable ways of making your financial life much easier. If you spent as much time learning about business, new skills or abilities, and money as you worked each week, your net worth and financial understanding would drastically increase in a short time.

3. The Working Hard and Working Smart Equation

After you have decided to gain financial knowledge, you can start putting that financial knowledge into effect. Two parts exist in the financial equation. In this equation, your hard work is essentially multiplied by the “smartness” of your work. These two factors multiplied together are what determines how financially successful you will be.

How many people have you seen working hard but getting nowhere financially in life? How many easy-going, intelligent people have you seen who have some financial knowledge but are unwilling to work to be successful? These two factors, hard work and smart work, must always be used in conjunction with each other in order to achieve financial success.

4. Decrease Personal Expenses and Increase Income

Many people are thrilled to purchase a beautiful house on mortgage and new financed cars whenever they find themselves able to make such payments. Unfortunately, such thinking usually leads to either financial mediocrity or even financial failure. Instead of such goals, your primary financial goal should be to decrease your personal expenses to as low as possible.

With the goal of decreasing your personal expenses, you can still many times achieve the purchase of such items such as nice accommodations and vehicles. However, the route to these desired items is vastly different. Many financially successful people pay very little (or virtually nothing) for the lifestyles they enjoy. Their corporations or rental income frequently offsets all of their personal expenses.

With your expenses as low as possible, you can use anywhere from 50% to even 80-90% of your income for investing in new sources of income. The process of wealth accumulation never ends in such an equation. However, if you start out with high personal expenses, you will never be able to break free of the monthly bill payment cycle that dominates the entirety of most people’s income.

5. Do Not Care About Appearances. Do not “Keep up with the Jones’s”

Many people purchase automobiles and houses in order to help their self-esteem. They know that they work hard and feel like they “deserve” some nice things in life. However, this way of thinking is very detrimental to gaining financial knowledge and breaking out of the monthly-payment cycle.

The only thing that ultimately matters is the reality to your finances. If you have hundreds of thousands saved but drive a modest car, does it matter what other people think? From now on, judge how much your net worth is gaining each year in order to determine your financial or other “worth” you desire. Remember, financed items are really only “on rent” anyway. You do not own any part of them unless you are taking drastic steps to quickly pay off the debt. Do not let financed items be your self-esteem booster. Make responsible financial choices that will lead to genuine accumulation of wealth.

Assignment: Read or Listen to the Book, “The Richest Man in Babylon” by George Samuel Clason

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To move on to Financial Education Course #3 click here!

Stay tuned for Indianapolis Attorney John Bymaster’s next Financial Education Courses!

Income UP – Expenses DOWN! – Course #3
Get Dynamic! Get Serious!  – Course #4
Never Take the “Easy” Way – Course #5
Do the Opposite of Everyone Else – Course #6
Action Plan – It’s Game Time!  – Course #7

Internet Bankruptcy Advice?

Bankruptcy Internet Advice

With the Internet being so readily available, many turn to the Internet for bankruptcy advice. Be careful.  Bankruptcy advice can only truly be given by a bankruptcy attorney.  Remember, legal advice is specifically tailored for each situation.  Seeking Internet bankruptcy advice can lead to undesirable outcomes.  However, there are advantages to using the internet to research bankruptcy.

Internet Bankruptcy Advice?  Stick to General Information Only

Using the Internet to educate yourself about the bankruptcy system can be extremely helpful. The Internet is full of general information on bankruptcy.  You can familiarize yourself with the various chapters of bankruptcy and their purposes. You can also sometimes find general help as to what is preferable in a bankruptcy situation and also what to avoid.

However, only general information should be acquired. The various bankruptcy resources online are designed for general information purposes only. No bankruptcy website is going to claim that it is delivering legal advice.  These sites are clearly not for that purpose.  Such advice would be impossible because legal advice must be specifically tailored to each set of facts. 

Never Seek Internet Bankruptcy “Advice” to Make Your Action Plan

Acquiring general information to create a specific action plan on bankruptcy is a mistake.  The problem is that you will not be as qualified or knowledgeable as a bankruptcy attorney. Remember, a free consultation is FREE.  Although you may have acquired a considerable amount of knowledge in bankruptcy, it is very likely that important gaps may still remain.  These “gaps” in knowledge can cause very undesirable situations to develop during your bankruptcy planning or filing process.

Internet Bankruptcy Education is Better than “Advice”

The internet can be a tremendous tool for researching bankruptcy.  Although you should never seek advice on a specific situation, understanding bankruptcy and other areas of law can be life-changing. When you understand various areas of law, you can confidently pursue your business and personal goals.   Using the internet to educate yourself on bankruptcy can be an important part of your overall financial education.  Financial education is extremely valuable wherever you can find it, including sources on the internet.  Developing a thorough knowledge of bankruptcy from books or the internet is very beneficial.  It adds to your background of financial knowledge. 

Why Does God Support Debt Forgiveness?

Open bible

Did you know that God supports debt forgiveness? The Bible lays out a formula for the full forgiveness of debts every seven years.  God does not intend debts to be collectible forever.  God understands that society must periodically forgive debts in order to prevent oppression and other unjust practices. 

God Wants Brotherhood not Oppression

The Bible strongly supports good stewardship and productive business practices. However, the Bible requires that all business practices take place in the atmosphere of brotherhood and not oppression.  God does not support business profit when it results in defrauding or oppressing other members of society.  God intends for us to take care of our fellow countrymen with sense of honor, protecting and providing for those who are the weakest.

The automatic forgiveness of debts laid out in the Bible prevents creditors from oppressing debtors.  Without a bankruptcy system or the automatic release of debt, slavery (whether in its fullest form or just economically) would quickly follow.   God does not want a system that supports oppression and the defrauding of people.  Bad economic circumstances should not allow a fellow countryman to be forever imprisoned in a system of debts.

God Does Not Want Complex, Fraudulent Money Systems to Develop

God also supports the forgiveness of debt because he does not want complex economic systems to develop that defraud the common people.   God believes in protecting generational inheritances and preserving the rights and dignity of the individual.  God would prefer that wealth stays in its proper place: with the common people who work and save for it.  Everyone is to receive their just financial reward in God’s system.  Work and productivity is to be rewarded equally among all people.

Jesus, the promised Messiah and Son of God, drove out the money changers that were defrauding sincere visitors to the temple in Jerusalem.     The Bible also talks about God judging the wicked financial practices of a wayward, worldly economic system.  God has no tolerance for fraud and financial oppression, regardless of its “legality” or modern acceptance as a new societal “norm.”

Therefore, God strongly supports the automatic, periodic forgiveness of debts.  This forgiveness of debts prevents complex economic systems based on leverage and debt from developing in the first place.  The method in which people treat each other and handle their economic affairs is much more important to God than achieving maximum profits or higher living standards.  God wants to keep debt forgiveness as a common practice to make sure that everybody stays on an “even financial playing field” regardless of whether any individual is currently rich or impoverished.   This “even playing field” is stable.  It treats everybody according to their actual stewardship and economic contribution.   The manipulation of people’s hard work and the diminishing of the individual’s wealth is not possible in God’s simple and fair approach to economics.

Free Bankruptcy Lawyer in Indiana and Indianapolis Area

Too broke for bankruptcy?

Many people cannot afford to file bankruptcy because of their limited budgets. There are a limited amount of free bankruptcy lawyer options in the Indianapolis area. This article discusses how you can find a free bankruptcy attorney to take your bankruptcy case.

Free Bankruptcy Lawyers Are Usually Limited and Available in Extreme Poverty-Based Situations

Although there are legal clinics and pro bono (no charge) attorneys out there that will do your bankruptcy for free, they are very limited in number and reserved usually for extreme situations meriting pro bono help.  In fact, you may need to be 125% below the poverty line and you still may be rejected even if you meet that criteria.   Legal clinics are designed to help people who cannot afford legal services. In addition, attorneys will sometimes take a case once or twice a year pro bono (free, or for the public good).

A “free” bankruptcy attorney would likely only take very simple Chapter 7 cases.  It is not likely for an attorney to take a Chapter 13 case for free because such a case requires that you have regular, consistent income and therefore precludes the idea that you are sufficiently under the poverty line to merit pro bono services. We have made a list of clinics and pro bono sites below that can assist.

Neighborhood Christian Legal Clinic

Indianapolis Legal Aid Society 

Indiana Pro Bono Commission 

Marian County Bar Association Pro Bono

Getting a Free Bankruptcy Lawyer May Be Much More Difficult Then Getting Your Bankruptcy Done Affordably at a Local Office

Because of the very high demand for free legal services, you may be rejected for a free bankruptcy or you may find it so difficult to complete or achieve that it may not be worth it. Remember, that free bankruptcy services are extremely limited in availability.  Therefore you may be rejected or forced to “jump” through an excessive amount of “hoops” in order for your bankruptcy attorney representation to be free. Also, remember that you will very likely be forced to still pay your court cost involved in filing the bankruptcy. The court cost exceeds $300 on both a Chapter 7 and Chapter 13 bankruptcy filing.

Conclusion: Sometimes an Affordable Bankruptcy Attorney is a Better Thing to Seek Than a Free Bankruptcy Attorney

Although most people would like the opportunity to have an advanced service done for them for free, we all know in life that it is very uncommon to get anything for free.  Instead of searching for a free bankruptcy lawyer, perhaps it would be better to search for affordable, cheap, or discounted bankruptcy services. Remember, it is extremely important to have an attorney who is experienced to represent you in bankruptcy.  Our office, for example, offers very affordable bankruptcy services without the difficulty of “jumping through hoops” to get it.  If you have any questions about free bankruptcy services or finding an affordable option to get out of debt, give us a call.

~Indianapolis Bankruptcy Attorney John F. Bymaster on Free Bankruptcy Lawyer in Indiana and Indianapolis Area







Indiana Chapter 7 vs Indiana Chapter 13 Bankruptcy

John Bymaster discusses Chapter 7 vs 13

This article compares the benefits of Chapter 7 bankruptcy in Indiana versus Chapter 13 bankruptcy. Both Chapter 7 and Chapter 13 can be a cost effective and powerful solution to your debt problems if you live in Indiana. Let’s discuss the differences between the two.

Chapter 7 Bankruptcy in Indiana

The most common bankruptcy remedy that our office helps people file and the greater Indianapolis area is Chapter 7 bankruptcy. Chapter 7 bankruptcy is the total elimination or “discharge” of your debts. Chapter 7 is so powerful because of the speed in which all of your debt are erased. It is the fastest way to achieve a fresh start and to get back moving in a good financial direction.

Chapter 7 bankruptcy in Indiana can also help you rebuild your credit quickly. If you have bad credit, your credit history and rating improve almost instantly upon filing Chapter 7 bankruptcy. This is because all of your bad past credit history is instantly replaced with a single entry of the date and place in which you filed the Chapter 7 bankruptcy. You will almost instantly receive credit offers in the mail for items such as automobile loans or possibly smaller balance credit cards. After two years, you will likely be able to rebuild your credit a considerable degree if you continue on making timely payments in credit accounts.

Remember, if you file Chapter 7 bankruptcy and want to keep your house and cars you will need to continue making those payments. However, all of your debts are discharged in Chapter 7 bankruptcy. That means that you will no longer be personally liable for any of your debts. Remember also that certain debts cannot be discharged in Chapter 7 bankruptcy such as recent income tax debt, child support, or student loans.

Chapter 13 Bankruptcy in Indiana

A Chapter 13 bankruptcy in Indiana is much different than Chapter 7 because it is a 3 to 5 year repayment plan that reorganizes your debts. Chapter 13 is a much different approach to debt relief than chapter 7. Instead of focusing on your assets and then discharging all of your debts like in Chapter 7, the Chapter 13 case focuses on what you are able to repay to your creditors.

Chapter 13 possesses many attributes that a simple Chapter 7 case lacks in its simplicity. Chapter 13, unlike Chapter 7, can be used as a versatile tool of debt reorganization. Chapter 13 cases are used to bring mortgages up-to-date and repay arrears. They can also bring automobiles up to date and sometimes drastically change the terms of repayment for the automobile. Chapter 13’s can also be used to avoid second and third mortgages in certain situations.

Chapter 13 cases are also used to achieve debt relief when you have either too much income or too many assets to file under Chapter 7. In addition, some Chapter 13 filers use their case to keep creditors satisfied with a lower, single payment – something much better and more organized than what could be achieved outside of bankruptcy. With almost all Chapter 13 filers, the Chapter 13 case is also used to stop aggressive collection or communication with creditors during the duration of their plan.

Conclusion: Chapter 7 and Chapter 13 are Both Powerful and Cost-Effective Ways to Deal With Excessive Debt

Although Chapter 7 and Chapter 13 approach debt relief in quite a different way, both types of filings are very powerful ways of dealing with excessive debt. Chapter 7 is simple: it quickly eliminates all dischargeable debts. Chapter 13 is somewhat more complex but much more versatile: it offers a variety of mechanisms that can reorganize your debts.

~Indianapolis Bankruptcy Attorney John Bymaster on Indiana Chapter 7 vs Indiana Chapter 13 Bankruptcy