Rent / mortgage - you do not get very far without a roof over their heads. If you look at the long-term financial disaster you may have to consider the possibility of the sale or transfer, but it is clear that housing is essential.
Utilities - Housing also means utilities. Especially when there are teenagers, not even thinking about elimination of the gas or electric. Reducing use as much as you can to insure, but you pay gas, electricity and water. Phone another story, along with cable. The former is optional in moderation and last " Get rid it now! & Quot; until times.
Child better support - If the prison is an option, no children. Pay it.
Car Payment Plan - If you need a car for work, it is one of the most important. If there is an alternative transport, car insurance, and maybe not survivor.
Secured debt - debt secured by those assigned as collateral (house, car, furniture, etc.). Creditors often can live with late or missing payments, or even two. Contact creditors and explain the fact, but certainly not just ignore your lender. Yes, your credit may be damaged, but we are dealing with an emergency, and the wounds will take place. If disaster long term you may have to consider the transfer of property.
Unpaid Taxes - negotiate payments, but does not ignore this. Consider it your child support government.
Food - Just because food is a priority, that does not mean fillet mignon. Common sense rules in this area.
Unsecured debt - Unsecured debt of the credit without property attached: credit cards, store credit, gas cards, medical bills, loans from friends. (Note: Student loans should be seen as a necessary duty.) Lack of payment of those eventually will be very painful, your credit and good name, but probably the least destructive impact on the short term term.
In Items - health insurance, child & needs quot;, and other debts unique to your circumstances require value judgement. How long this state of emergency .. what you can live without ... how bad is the situation ... may be deferred debts?
The Process
1. List all your accounts, and the expected amounts. The sequence of them according to their priority should be given 1, 2, 3, etc., beginning with your mortgage, as 1. At one of the priority numbers you determine where to pay " & quot;, and ends " If pay & quot; probably begins. Draw horizontal lines here and further down the list. You may now reach a point of ending " If Pay & quot; items, and you will find in the area " How Do not pay & quot;. Draw another horizontal line.
2. Top priorities for the payment of 1, 2, 3, ... until you graduated from the money or to pay " Should & quot;. Assess your deficits " Must pay & quot; elements. If you still have the money to continue to pay if " & quot;. If you run from the money to place their funds to your list deficit. If there is still money left, go to " How Do not pay & quot; until you run out. If not, or you run out of money, ignore the remaining list, as they can be integrated into a more times.
3. Using the deficit list, contact creditors. Many are ready to work with you to skip a payment, lower interest pay interest only for a month or two, or offer some other options. Maybe they will not, but that will not prevent ask. (Used judiciously, " accidentally & quot; mention of the possibility of bankruptcy, and sometimes yield of major power.) Adjust your list accordingly.
4 deficit. You can talk to a consultant debt, but not the debt consolidator. At the very least, try to share with someone you trust list. Often, another set of eyes can see things more objectively, or ideas, you never considered.
5. Determine how make up the difference in your list deficit with some of the following ideas:
Reduce costs by using many of the concepts frugal at this and other sites. Take the second job in a short term.
Have garage sale. Selling asset. Rent it out.
Consider funds from savings, 401 (k), insurance, and even friends. (Note: NOT cash in the 401 (k).)
If you rent, see if the work could replace some or all of amount.
Consider a reverse mortgage, equity loan for a house or a car loan or signing of the credit union. Please do not think that if bankruptcy is the only other option, because in the long run the additional loan will only make matters worse.
As absolutely eventually consider bankruptcy, but not to find official financial counseling.
Research other ways of reducing the budget.
Athor profile:
Mike was Internet Directory / writer in the field of credit / debt management for 10 years. His site has been awarded the Best Of Forbes Net Publication in 2000 and 2005 with a visit to the site doubled to more than an average of 500000 page views per month in the last year.He also proposed the elimination of debt seminars for businesses and community colleges for the past 9 years. He was interviewed on the radio several times and is mentioned in many publications.
http: / / learncreditmanagement.com / jefferey gregory
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