Rebuilding Your Finances After The Death Of A Loved One
Losing a parent, spouse or partner is one of the hardest experiences you will face in your lifetime. Besides the emotional toll, the financial aftermath can be overwhelming. Funeral expense, loss of household income from the family member and/or loss of income due to mourning and settling the estate can put financial pressure on you and your family at a vulnerable time.
If you are having problems making ends meet, keeping up with mounting debt and sticking to a financial plan in the wake of losing a loved one, dont worry. Nearly all financial advisors agree that you should not make any major life-changing decisions during this period.
Enlist a trusted friend to help you proactively reduce your financial burdens. Friends want to help you in your time of need. Have them call your creditors and ask for a rate reduction on your behalf. You may need to be present to authorize the discussion, but at least you can reserve your emotional energy. Have this advocate help you request deferment or forbearance on your student loans.
If you are having problems making your mortgage payment due to loss of income generated by your loved one, call a HUD-certified housing counseling agency for advice. If you live in Florida, contact an InCharge Debt Solutions Housing Counselor at 1-877-712-6040. You may be eligible for a mortgage modification that can temporarily reduce your monthly payments.
Remember that you are most likely not responsible for your spouses personal debts. Collectors may attempt to collect on student loan, credit card or other debt. Talk to a lawyer to understand what you may or may not be responsible for, before making payments to settle debts that you never signed for.
Consider contacting nonprofit credit counseling agency InCharge Debt Solutions online or via phone at 1-888-794-6390 to speak with a certified counselor who can advise you on solutions that may help you balance your budget and pay down your debts, on a schedule that you can handle.