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| Credit Answers > Debt-Management-Articles-2008 > Overcome Common Financial Hurdles |
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During the course of your life, you will probably experience some sort of unexpected incident or emergency. Below are some common situations that may drastically change a person's
financial situation while saving for a debt settlement. We would like to offer you some basic tips that may help reduce the impact of your finances. Please note that the intent of this article is to give an overview
of general information. We realize that you may have your own complex set of circumstances that may require additional resources.
A Divorce Occurs
Divorce laws can be complicated and may differ by state. You may choose to seek the advice of an attorney that specializes in this field. Search for a divorce attorney in your area
at Family Law Software. Under the section labeled "For Individuals Facing Divorce," click on the "Find Professionals in Our Directory" link. This site sells divorce-related
software, but also offers valuable information about the divorce process. You can also check out the "Divorce Guide---A World of Help" link located under the "For Individuals
Facing Divorce" column for a variety of helpful information and calculators. A certified divorce planner (CDP) may also be able to assist you. This professional is a financial
planner that has completed additional training and education related to the financial issues of divorce.
A Family Member Loses His Or Her Job
If there is a loss of income in the household, see if you are eligible to receive unemployment benefits, which may temporarily replace a portion of lost wages. The web site for
the Department of Labor has a section that lists all of the unemployment offices by state. This site also includes state job centers and employment outlooks for particular
fields. During this time, try to keep spending under control so you can continue to pay necessary bills the next three to six months. If possible, avoid withdrawing or borrowing
money from your retirement savings.
You Can't Make Your Mortgage Payment
If you are having difficulty paying your mortgage, you should contact your loan servicer and find out if you qualify for modified loan terms or other options to help you keep
your home instead of losing it to foreclosure. You may also want to seek help from a trained homeownership counselor. To find a reputable counselor, contact the Homeowner's HOPE
Hotline at the Homeownership Preservation Foundation (1-888-995-4673 or www.995hope.org) or the U.S. Department of Housing and Urban Development for a referral to a HUD-approved
homeownership counseling agency (1-800-569-4287).
You Or A Family Member Experiences A Medical Emergency
In addition to dealing with a medical illness, your household will also receive a lot of bills and paperwork. Carefully review all items such as doctor and hospital bills and
insurance claim payments/denials. Mistakes do happen and uncorrected errors can be costly. If you can not afford your medical or hospital charges, contact the service provider's
billing department to set up a monthly payment plan. Be sure to save bills, cancelled checks, or other receipts for your tax preparer because you may be eligible for the Health
Coverage Tax Credit. Do a keyword search at www.irs.gov for HCTC. If you are uninsured and have a serious health condition that makes it difficult to buy standard health
insurance plans, you may want to find out if your state has a risk pool. This type of insurance usually can not deny you due to most pre-existing conditions.
A Family Member Passes Away
Coping with the loss of a loved one will undoubtedly take an emotional toll on family members. During this difficult time, most families will struggle with the unbelievable
shock and grief of the situation. Therefore, finances and money will not be at the forefront of someone that recently lost a loved one. This will be a time that family members
can band together to support one another in accomplishing some of the following necessary tasks.
Locate important documents, such as insurance policies and the most recent will.
Before committing to any funeral costs, consult with other family members and perhaps a lawyer about any prior instructions or arrangements.
Obtain multiple copies of the death certificate, which will be needed to apply for death benefits (such as life insurance policies or Social Security) and to access bank
accounts.
If the family's medical insurance is through the deceased person's employer, consider options for continuing coverage.
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