Currently Browsing: Financial Troubles

Keep a Positive Outlook!

happy-brain

Stay happy, fellow minds!

If you’re having trouble with this, here are some thoughts that I use to stay happy a remarkable 98.23% of the time!

If you are not thinking things that are happy, stop thinking those things and think of another thing that is a thing that makes you happy instead. Some of my go-tos are:

  1. Kittens
  2. Puppies
  3. Other kinds of baby animals
  4. Ice Cream
  5. Pizza

With practice, you can turn your negative thoughts into positive, happy ones. I believe in you!

Dealing with Foreclosure

The economic crisis has hit a lot of people where it hurts most: the home. Plunging real estate values, rising interest rates, and sudden unemployment have all come together to make hitherto stable finances teeter on the edge of disaster. In increasing numbers, homeowners are facing foreclosure all over the US.

There are three ways that you can deal with the threat of foreclosure. You can ignore it and hope it goes away. You can panic and try to raise money to settle your arrears. You can keep calm and explore some debt management strategies.

Ignoring it will obviously not work as inevitably the sheriff man cometh. Getting together all that you can beg and borrow from family friends (who are in all probability also in the same situation) will probably work as a stopgap but unless there is a substantial increase in the cash flow, essentially throwing good money after bad. Debt management, on the other hand, is a more proactive way to go. Essentially, managing debt is simply weighing what you have against what you have to pay, and resolving to make them at least equal. If things are not yet so far advanced as to be irreclaimable, you could get help from a credit counselor to help you cut on costs and increase income so as to balance out the equation. In some instances you could look into consolidating all your debts to get a better rate, or negotiating with your lenders to restructure the terms of your debt for longer repayment period and/or lower monthly payments.

But if foreclosure is imminent, you may have to file for bankruptcy. If you are employed with the requisite income, you may do well with a Chapter 13 filing, which is essentially a court-supervised debt restructuring scheme. If you have no income, you may do better with Chapter 7 bankruptcy, which is an asset liquidation program. However, there are many things that come into play when filing for bankruptcy. Before taking the plunge, consult with a bankruptcy lawyer to better understand what you may be getting into and to get an accurate assessment of what would be your best legal option.