No one is excited to call Halcomb Singler about a bankruptcy consultation. This is completely understandable. It is not a great feeling knowing that you cannot pay your debts. However, after speaking with thousands of people regarding their financial hardships, I have noticed that people have a tendency to really beat themselves up about needing to file bankruptcy and/or speak with a bankruptcy lawyer. I’m not saying that bankruptcy is a great thing. I often tell potential clients that they don’t need to file bankruptcy or give them ideas regarding how to cut expenses or increase income. Bankruptcy is not the first option in getting out of debt. However, at some point it becomes clear that bankruptcy will be necessary in order to allow a person or couple to hit the reset button in order to put their financial life back on track.
Whenever I meet with people about bankruptcy I consider many different options. I consider telling them that they are spending too much on eating out/entertainment and if they changed that they could pay off their debt. I consider telling them to get second jobs. I consider advising them to negotiate their debts down and pay them off that way and I consider both Chapter 7 and Chapter 13 bankruptcy. Often my advice to people struggling with debt is a combination of all of these options.
I recommend bankruptcy when I see people ruining their financial future in order to attempt to pay their creditors and I don’t believe they will be able to pay their creditors. I represented people who make as little as $20,000.00 per year up through a person who made $240,000.00 per year. What do I mean by ruining their financial future? I mean people in their early 40s who have no retirement savings who are not putting anything into retirement and owe $60,000 in unsecured debt (credit card, medical, signature loans) while making $75,000 per year and raising 2 children. I mean people who in their early 60s who are not buying their prescription medications and are eating pasta 4 nights a week to pay their creditors who don’t have any money in a savings account. I mean a single mom who is raising her 2 children without any child support, working 2 jobs and is about to have 25% of her wages garnished which will result in her not being able to make her mortgage/rent payment. I mean a business person who closed his or her business after several bad years in which he or she personally signed for a lot of business debts in an attempt to turn the business around and is getting sued for the business debt.
When I do recommend bankruptcy some people tend to beat themselves up about it. And to that I say, if you tried your best to pay your debts and aren’t able to do so without causing yourself or your family serious financial distress then there is nothing to feel guilty about. You tried. You did not succeed. If you allow your past debt to control your future through continuing to fight a losing battle with debt and/or by falling into depression without obtaining treatment then you are allowing your debt to control the rest of your life. If you allow your inability to repay your creditors ruin the rest of your life then bankruptcy is a really big deal. I don’t want to see my clients with that mindset. I want my clients to realize that they did everything they could to repay their debts short of denying themselves or their families the basic necessities of life, which include the ability to live in your elderly years with dignity. The dignity to be able to purchase food and medicine. And the dignity not to have sleepless nights and stressed out days filled with worry about repaying debt.
If you are a Hoosier and you are completely stressed out with debt understand that there are options. I don’t have a magic wand, but I do have an extra set of eyes and an objective view. I do have the experience of sitting down just about every day with people like you and helping them figure out how to proceed. If you want to set up an appointment at our Carmel, Indiana office call (317) 575-8222.
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.