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If you feel like you’ve hit rock bottom with your finances, there are several resources that can be of use to you in your time of need. By finding the services that help you alleviate your financial burden the best, you’ll have an easier time recovering from your money troubles and staying out of deeper debt. Here are four services that may come in handy when finances hit rock bottom.
Debt Consolidation Services
Debt consolidation works by combining all the debts that you owe to different lenders so that you can try to satisfy these debts with one single payment each month. This can save you the time and confusion of having to make several payments each month and help you manage your money easier. Many debt consolidation services set monthly payments at an amount that doesn’t change, which can make setting the money aside for each monthly payment less of a burden. There are also services that can help you rescue your assets, like your home, when approaching or filing for bankruptcy.
An attorney who practices bankruptcy law will let you know if filing for bankruptcy will be the best option for you and if you even qualify. If you choose this route, your attorney will inform you of which bankruptcy chapter to file under and what to do to settle your case quickly. Working with a bankruptcy attorney can put an end to harassing phone calls from collectors and save your credit from further harm. Your bankruptcy attorney may also be able to help you if your home has gone into foreclosure.
If you have reached a certain age or suffer from a physical or mental condition that impairs your ability to work, you may be eligible to receive social security payments. The exact amount of money that you receive each month will depend on several factors such as your age and current income sources. Residency requirements also need to be satisfied for you to qualify. It’s also important to note that social security payments are often denied to individuals who are incarcerated or confined to a hospital at the government’s expense.
Community Charity Resources
Certain charities in your area may offer assistance with food, housing and transportation to people who struggle financially. Churches are often known to hold food and clothing drives to benefit the needy. There might also be soup kitchens and food banks in your area that offer groceries and hot meals for free. Another way to find community resources that can help you is by performing a search online.
Being low on money doesn’t mean having to fall into total financial ruin. The best resources can help you stay afloat until you get into a better financial position.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
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