The most common cause of financial trouble is job loss. Getting laid off or being terminated from your job is not the end of the world, although it might feel that way.
This financial advice section will present you with options to help steady your financial and emotional situation.
Financial Advice
Budget and Debt Priority
Prepare for the unexpected and make a three-month survival budget. Taking preventive measures begins with planning for the possibility of a sudden and unexpected loss of income by having a survival budget. Every situation is different, but it’s generally a good idea to be prepared to live for at least three months without any income.
To do this, you’ll need to create a barebones survival budget. It’s also a good idea to become familiar with applying for unemployment benefits in your area.
Communicating With Your Creditors
If possible, you will want to avoid being sued by creditors. If you have already been laid off and are behind in paying your bills – all things we focus on in this section, you might wish to inform your creditors of the layoff and inform them you are looking for another job.
You might be able to find some creditors who are willing to work with you rather than assigning your account to a collection agency.
The financial advice articles in this section will help you understand your options, such as what you will need to do if you cannot pay your rent or mortgage and are facing the risk of foreclosure or eviction. All options we cover in our legal rights section.
Financial Hardship – Public Services
Should you be facing financial hardship or, worse, threatened with homelessness, we provide financial advice on the types of state and federal resources and assistance available to you and online information on how to contact them directly.
A common adage says that it’s always darkest before dawn. While it’s true that things often do get worse before they get better, it’s important to remember that even in the most terrible of circumstances, there is always help if we are open to looking for it.
Financial Advice on Getting Laid Off
Losing your job can leave you feeling stunned and confused. In those first few days, focusing on those things within your control is essential, so you get into action by tackling them first. The personal financial advice articles here will cover how and where to file for unemployment insurance.
Separation Agreements
If you have been terminated from employment, in our legal section, there is information on separation agreements and severance packages and what you need to consider before entering such an agreement.
Chances are, you will need professional financial advice on what to ask for and the most effective ways to negotiate the terms and conditions of such an agreement. The agreement will likely have both financial and legal consequences.
On the financial side, depending on how long you have been employed with the company, you will want to propose a fair severance amount that will financially assist you while you seek new employment.
Continuation of benefits
From a benefits side, if your company provides you with benefits, such as disability insurance, health insurance, and life insurance, you will want to know if these benefits will be extended and for how long, and who at the company would be most knowledgeable in providing you with this information.
Make sure to learn about keeping your continuing healthcare benefits through COBRA. Most of these questions are also addressed in our employment legal section.
Job Loss – Helpful Services
Losing a job can be life-changing financially and emotionally. In times of economic change, it’s essential to be mindful of your emotional well-being, especially if you are confronted with having to make hard and painful choices.
In this free financial advice section, you will find valuable links to online emotional and mental health professionals.
In our employment section, you’ll find information on putting together an effective resume and how to search for new jobs online. Given the explosive growth of artificial intelligence, new types of jobs can be done from home.
People are finding that working from home has its benefits, including taking the time to learn new skills through vocational and educational training and earning a degree online.
Financial Advice on Trouble Paying Bills
Financial trouble can create piles of unpaid bills and daily phone calls from collectors. In this financial advice section, you’ll learn about prioritizing your debts while giving immediate priority to debt such as a mortgage or child support.
You can also access financial advice guidance and learn ways of developing new spending habits. We also cover cost-cutting options like applying for food stamps, energy assistance, and rental assistance.
Finding ways to care for your emotional health during a job loss is just as crucial as locating financial support. In this set of articles, you can find state and local resources for emotional and well-being counseling and other important services.
Trouble Paying Bills – Helpful Services
You can also explore public options for paying utility bills and receiving discount medical services and medications. Learn how to apply for food stamps and locate food pantries.
Finally, consider learning more about credit counseling services, and a variety of emergency cash-out lending services such as car title loans and term life insurance cash-out policies.
Debt Collectors
It’s likely that within days of missing a necessary payment, your phone will begin to ring, and ring, and ring. What are your options? Before communicating with debt collectors, it’s essential to understand your legal rights and what constitutes collection harassment.
In our legal section, learn how to handle collections disputes, vehicle repossessions, and what to do if you have been served with court papers.
In this personal financial advice section, you will also find helpful services and resources for dealing with collection agencies. In our legal section, learn about consumer protections on what debt collectors can say and do in trying to collect or settle a debt. debt settlement and seller-financed mortgage lending.
The emotional toll brought on by debt is often heavy; these articles will also lead you to emotional support counseling services in your area.
Can’t Pay Rent – Eviction
The prospect of being legally threatened with eviction while having financial trouble can push an already stressful situation over the edge. Learn about your legal options should your landlord start threatening you based on being late paying rent.
Find out what happens if your landlord has failed to keep up with their legal obligations under the rental agreement, such as keeping your premises safe, habitable, secure, private, and in good repair.
For answers to these questions and more, visit our legal advice trouble section on landlord-tenant and eviction law.
Trouble Paying Rent – Helpful Services
In our financial helpful services section, find tools for locating available apartments or rooms for rent in your area, as well as do-it-yourself moving and storage services.
We also provide links to federal and state assistance such as section eight housing, assistance with rent, and payment of utilities.
Home Mortgage
If you’ve been paying toward a home for years, then the threat of losing that home is about as nerve-racking as it gets. Here you can learn about your state foreclosure laws and your legal rights.
Consider Dealing Directly With Your Lender
You’ll also learn how to approach your mortgage lender to obtain a mortgage modification which can reduce your mortgage payments and possibly even suspend your payments while you search for new employment.
You may wish to consult with an approved credit counselor. But make sure you’re on the lookout for debt relief scams.
Should you need to relocate, in our helpful services articles, you’ll find informative financial advice articles and links to local online apartment search sites, cost-effective local moving and relocation services, mortgage lending resources, budget-cutting food assistance, low-cost pharmacies, section eight housing, and more.
Financial Advice on Paying Taxes
When facing financial trouble, it’s important to keep paying your taxes and communicating with the IRS and your state tax authority, as they can take collection actions against you very quickly and without a formal hearing.
Unlike other creditors, the IRS does not have to wait to obtain a judgment against you before commencing collection and seizure action against your bank accounts, wages, and other forms of property.
On a positive note, you will find information here about applying for a hardship program and IRS installment plans.
In our helpful services and resource section, locate services that specialize in dealing with the IRS, such as tax advisors, and tax lawyers.
Dealing with the IRS is stressful and it is important to care for your emotional wellness in times of trouble. This often requires having compassion for yourself. Consider reaching out for emotional counseling which is now available online.
Financial Advice on Homelessness and Hunger
Homelessness is often the result of a mix of unforeseen forces that usually begin with losing a job, going through a divorce, or suffering a life-changing injury.
Financial trouble, and the circumstances surrounding it, can quickly snowball into a crisis that results in a rapid decline in income and the possibility of facing homelessness.
There are many different types of shelters, and each one offers something different in terms of emergency relief. In this section, you can get free financial advice and contact various shelters such as emergency shelters, day shelters, family shelters, and transitional shelters. You can also locate food resources for people with low or no income.
Finally, be mindful that facing homelessness brings on high levels of stress and anxiety, and a person without proper support might turn to drugs and alcohol.
In this section, you will find emotional counseling services and programs for addiction and recovery.
Facing Homelessness – Helpful Services
In our financial helpful services and resource section, locate local homeless shelters, food banks, and pantries. You can learn how to apply for food stamps and assisted housing, as well as locate no-cost community healthcare centers and children’s state health insurance programs.
