How to Manage Your Debts During Unemployment

With the economy being slow to recover, many Americans still find themselves out of work. During this period of job hunting, the bills do not stop. With money being scarce for many families, debts are piling up across the nation as individuals struggle to make ends meet.

This does not have to be the case though. When an individual finds him or herself out of work, there are certain steps he or she should take to make sure that money is less of a burden when between jobs. Some of the steps an individual should take when losing his or her job are:

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Make an itemized list of all expenses Categorize the expenses from most important to least important Look for unnecessary debts or luxuries that can be cut temporarily Talk to creditors to work out reasonable payment plans

Though it may be jarring to speak with creditors about delaying payments, most are willing to work with individuals that take initiative, as it shows that the individual is committed to paying his or her debts.

By cutting luxuries and unnecessary expenses, many individuals find that their weekly expenditures dramatically reduce. This may include going out to eat, entertainment expenses, and other expenses that will not dramatically decrease your standard of life.

Individuals may also look to cut corners when possible and reasonable, such as buying generic goods, which tend to be cheaper than but just as effective as brand name goods.

During unemployment, individuals may find it tempting to cut their insurance plans. This is not advisable. In fact, insurance may be most important during periods of lost income. Having insurance may save you money when you receive an unexpected injury or when disaster strikes.

Of course, sometimes it may be impossible to manage your finances when you are between jobs. When this happens, you may want to weigh your options, such as taking a loan or declaring bankruptcy. Though these choices are big commitments, they may be the only ways for you to successfully make it through your period of unemployment.

When you do decide to declare bankruptcy, it is important to hire an experienced bankruptcy lawyer to guide you through the process, as bankruptcy may be a long and difficult process.

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