Those people who are having issues with debt come from all walks of life. At Halcomb Singler, LLP, in Carmel, Indiana, I meet with those making $20,000 per year to those making more than $250,000.00 per year. There is simply no situation that is the same as the next. At Halcomb Singler, LLP, we typically meet with each client for approximately 1 hour in order to determine how to advise them to deal with debt. Since each situation is different there are many different ways that we advise our clients…and our advice is not always just to file either a Chapter 7 or Chapter 13 bankruptcy petition.
Certainly $25,000 worth of credit card debt means something different to a Hoosier making $20,000 per year than to a Hoosier making $250,000.00 per year, right? Right! That is why it is improbable that we would advise both of these individuals to take the same approach to dealing with debt. The fact is that one small detail can make the difference in what we will advise our clients to do in order to deal with their debt once and for all.
So, what other options are there besides Chapter 7 and Chapter 13 bankruptcy if you have debt issues??? Plenty. In some situations it will make sense for our clients to do what we call debt settlement. In these cases we will discuss either a lump sum settlement or payment plan(s) with our clients to determine which or what combination of both will work for them. We will have the client sign an authorization allowing each creditor to discuss the account with Halcomb Singler and fax it to each creditor. Then Halcomb Singler will call the creditor and make an offer to settle the debt in full or for a monthly payment arrangement. Once an agreement is reached, Halcomb Singler will make sure that the agreement is properly documented so that it can be enforced by our client.
Another option comes from the fact that many people are behind on their home mortgage, which is causing them issues. When a person falls behind on a mortgage we may advise them that attempting to negotiate a mortgage modification, which means to change the term of the mortgage to make the payment more manageable for our client is a good option. Or, we may decide to advise our client that we attempt a deed in lieu or foreclosure, in which we deed the home back to the creditor in exchange for the creditor accepting the home back in full settlement of the debt. Another option may be for the client to list the home for sale and to attempt to convince the lender that a short sale should be accepted in the event that an offer is received to purchase the property.
From time to time, depending on the circumstances we may advise our client to wait to see if a creditor is going to attempt to collect a debt personally from that client. In the event that a creditor does not file a lawsuit to enforce the collection of a debt, the statute of limitations for collection of the debt may pass which would mean that the creditor is no longer entitled to attempt to collect the debt and our client may not have to repay.
There is even a chance that our advice may be to do nothing. It is true that there are simply some people who do not have anything (and probably will not have anything in the future) that needs to be protected. For example, elderly people who received social security income as their sole means, who do not own a home, and who own an old car may not need to do anything because they do not have any income or assets that a creditor is entitled to take in order to satisfy a debt.
At Halcomb Singler, we attempt to craft a plan that we believe will be helpful for our clients in order to solve financial problems for their specific circumstances. We do not judge financial hardship, as it happens to many people for a variety of reasons. We are simply focused on attempting to solve the problem in the way that makes the most sense for our clients. So remember, if you live in Indianapolis, Carmel, Zionsville, Noblesville, Fishers, Westfield or Tipton and are having issues with a creditor or debt collectors and aren’t sure what to do Halcomb Singler is here for you. For those considering bankruptcy, we offer a free initial case evaluation. If you need our help we offer flat fee billing in some situations as well as payment plans. For your appointment call (317) 575-8222 or click her!
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.