My husband and I have just experienced some financial change
Date: Mon, 01/28/2008 - 19:27
He makes 400. gross weekly. I made 209. gross and all we can do is not pay the less important ones at this point.. Is there any other options
Did your doctor recommend that you quit your job? If he did
Did your doctor recommend that you quit your job?
If he did than I would go to the S.S. admin. office A.S.A.P and file for disability. Your doctor will have to fill out papers for you on this. But the sooner you call or go down there the sooner they can investigate and get you approved (depending on how your doctor states your medical condition)
Also on some of the bills you have I would call them and explain your situation, sometimes they can reduce your payment and interest for a short period of time. I would check into any services that are offered by your county.
Sometimes if you have a credit card you can get the extra insurance for unemployment and stuff, check to see if you have that on any of your cards ( if you have any)
How much debt do you have? If it is excessive and you can't see
How much debt do you have? If it is excessive and you can't see a light at the end of the tunnel or you are in danger of losing your home and etc., you may want to consult with a bankruptcy attorney, many offer free consultations, check your yellow pages. I'm not an advocate for bankruptcy but when illness and life situations are beyond your control a "fresh start" may be what you need in order to deal with your new financial position with the loss of your employment. Bankruptcy was designed for situations like yours, to help people who are making a low income to moderate incomes and have major life changes and it is understandable under these circumstances. Bad things happen to good people.
You need to sit down with your husband and pull out all of the b
You need to sit down with your husband and pull out all of the bills and expenses and go over them together. If you can't work out a budget that meets your min payments then you may want to look at useing what assets you have, if any, to get rid of your debt.
It is important to understand that should you decide to get a loan or a refinance it is important that when you pay off any debt that you don't go out and recreate more. People often make this mistake and recreate debt with credit cards and then end up not being able to afford their loan payments and credit card payments. Pay em off and cancle them
If you don't have any assets and your debt outweighs your yearly income combined it may be in your best interest to see advice from an attorney about bankrupcy.
If you bankrupcy isn't a viable option you may want to try working out something with your creditors. Some may be willing to lower your interest. Some may not be so willing.
Next you might want to look at a debt management program or debt settlement program.
a debt management program is something where you hire a company to negotiate with your creditors. Often they will have better luck in getting interest lowered or stopped along with late fee's. You can sign up with a free counseling consultation on this site or you can choose another. My best advice for those is this. Do you research and understand that just because you enter a program it doesn't mean the creditor has to agree to it.
Debt Settlement is something you can try to do on your own or work with a company. again do your research on these companies as well. Sometimes you can cut your total debt by 50-60% but it is done in lump sum payments.
Don't just search the BBB for company information also use your search engine. Consumer feedback is proably posted all over the net about any company and it is sometimes best to weight your options that way.
