I'm no psychologist by training, but as a debt consolidation lawyer offering Indiana bankruptcy help for more than 25 years, I've needed to understand and use psychology every working day.
And it's not just I. Every one of the good bankruptcy attorneys in the five Indiana Zuckerberg bankruptcy law offices has had a chance to see "anchoring" in motion. "Anchoring" is a term used in psychology to describe the common human tendence to rely too heavily, or "anchor" on one trait or one piece of information when making decisions.
Science Daily gives the example of a person looking to buy a used car. They may focus excessively on the odometer reading and the year of the car, and use those criteria as a basis for evaluating the car, rather than considering how well the engine or the transmission is maintained.
Very often people come to see me with lots of mistaken ideas about the way bankruptcy in Indiana actually works. They may have focused entirely on the costs of filing personal bankruptcy in Indiana, wondering how they can get together enough money for the fees.
Or, their entire focus my be on help to stop foreclosure on their home, so that they haven't been open to the ways in which their payments could be made manageable through Chapter 13 bankruptcy.
Perhaps they need student loan debt help, and have been so focused on that problem they haven't considered ways in which filing bankruptcy in Indiana can free up dollars to keep up with those student loan payments.
One very common scenario is where collection agencies for hospital bills have been making the person's life miserable. In an attempt to stop the harassment, the debtor has overdrawn her credit card, causing new problems.
One of the reasons I resolved, in fact, to publish these Bankruptcy in Indiana articles is to help readers understand that an experienced Indiana lawyer for bankruptcy knows how all the different pieces fit together in the bankruptcy process. The income, the assets, the creditors' claims, the credit cards, the medical debt, the payday loan debt, the student loan debt, the mortgage modification, the help to stop foreclosure, the Chapter 7 and the Chapter 13 – all of it.
When financial issues are piling up, anchoring is a natural human reaction. But anchoring on only one piece of the puzzle does not solve the long-range problems. You see, when we're "inside" our own problems, we can't help but anchor. It takes an impartial advisor to get the overall picture and then help sort it all out into a coordinated plan. And turning the overall picture into a plan, as one of my Columbus bankruptcy lawyer friends puts it, is "what we do around here"!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg