Ok…. there will be a tuff next several months this is what you do if you are in financial crisis. If your creditors know you’re giving them something they will be more comfortable with you as a partial asset, not a complete liability. This will give them the ability to restructure the note under emergency conditions…. something like a chapter 11.
At the end of the month do this:
- Call your land lord-for renters or home loan banks and discuss a partial payment based on what you can afford.
*** if you are over 62 you may be able to do a reverse mortgage
- Call your auto creditor and do the same thing.
- Call the power and phone company and do the same thing.
- If possible run a fire sale on any assets you absolutely don’t need.
- Don’t panic because no matter what your family needs your strength.
- Your greatest asset is you.
- Remember to keep your composure no matter what for you and others around you and things will get better. Don’t be a hermit, friends can help, give them a chance.
I’ve been in tuff situations many times over the years and having faith in myself and sheer determination has served me well. We all need each other simply just pitching in can not only help your neighbor but it will help you. At this time there is no left, no right, no color, no race only our brother and sister Americans. We have been here before. We will be ok.