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Solve Your Money Troubles
Strategies to Get Out of Debt and Stay That Way
- Product Details
- stop debt collector harassment cold
- negotiate down your debt with creditors
- reduce your student loan repayments, and
- create a healthy financial plan that you can live with.
- stop a wage garnishment from leaving you penniless
- get your car back after a repossession
- prevent a foreclosure by applying for a workout program
- respond to a action if you get sued, and
- decide if it's time to wipe the slate clean by filing for bankruptcy.
- Worksheet 1: Monthly Income
- Worksheet 2: Your Debts
- Worksheet 3: Property Checklist
- Worksheet 4: Property Exemptions
- Worksheet 5: Daily Expenses
- Worksheet 6: Monthly Budget
- About the Author
- Table of Contents
- How Much Do You Earn?
- How Much Do You Owe?
- Community Property States
- Equitable Distribution States
- Rules for Domestic Partnerships and Civil Unions
- Figure Out Where Your Money Goes
- Make a Spending Plan
- Create Good Spending Habits and Avoid Financial Pitfalls
- Secured and Unsecured Debts
- High-Priority Debts
- Medium-Priority Debts
- Low-Priority Debts
- Review Your Worksheets
- Cut Your Expenses
- Increase Your Income
- Get Some of Your Tax Refund Early
- Get Your Tax Refund Fast
- Sell a Major Asset
- Sell Smaller Items
- Withdraw Money From a Tax-Deferred Account
- Apply for Government and Agency Help
- Consider a Home Equity Loan
- Use the Equity in Your Home If You Are 62 or Older
- Borrow the Money
- What to Avoid When You Need Money
- Avoid Payday Lender Prepaid Cards
- Prepare a Negotiating Plan
- Communicate With Your Creditors
- Tips for Negotiating With Creditors
- Rent Payments
- Mortgage Payments
- Utility and Telephone Bills
- Car Payments
- Secured Loan Payments
- Insurance Payments
- Medical, Legal, and Other Service Bills
- Child Support and Alimony Payments
- Income Taxes
- Student Loan Payments
- Credit Card Payments
- Negotiating When the Creditor Has a Judgment Against You
- Pay Off a Debt for Less Than the Full Amount
- Don't Write Postdated Checks
- Beware of the IRS If You Settle a Debt
- Eviction
- Repossession
- Tying Up Property Before a Lawsuit
- Lawsuits
- Lawsuits Against Third Parties Who Hold Your Assets
- Liens on Your Property
- Jail
- Bank Setoff
- Intercepting Your Tax Refund
- Loss of Insurance Coverage
- Loss of Utility Service
- Foreclosure
- Nonjudicial Foreclosure
- Judicial Foreclosures
- Right to Cure Default
- Right of Redemption
- The Sale
- Defenses to Foreclosure
- Watch Out for Deficiency Balances
- Alternatives to Foreclosure
- Federal Programs for Homeowners Facing Possible Foreclosure
- Other Mortgage Workouts
- Refinancing
- Selling Your House
- Short Sales and Deeds in Lieu of Foreclosure
- Finding Other Programs to Help Homeowners
- Creditor or Debt Collector?
- Negotiating Secured Debts
- Before Your Debt Is Sent to a Debt Collector
- When Your Debt Is Sent to a Debt Collector
- Illegal Debt Collection Practices
- How to Fight Back If a Debt Collector Violates the Law
- Credit Disclosures
- Common Terms in Credit Agreements
- What Kind of Loan Do You Have?
- Figuring Out Who Holds or Services Your Student Loan
- Canceling Your Loan
- Postponing Payments
- Changing Your Repayment Plan
- Getting Out of Default
- Filing for Bankruptcy When You Can't Pay
- Consequences of Ignoring Student Loan Debt
- Private Student Loans
- How Child Support Is Determined
- Modifying the Amount of Child Support
- If Paternity Is Disputed
- Enforcement of Child Support Obligations
- Alimony
- Bankruptcy and Child Support or Alimony Debt
- Taxes, Child Support, and Alimony
- How a Lawsuit Begins
- Negotiate a Deal
- Alternative Dispute Resolution
- Defenses and Claims
- What to Expect While the Case Is in Court
- When the Creditor Gets a Judgment Against You
- How Creditors Collect Judgements
- Stopping Judgment Collection Efforts
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- The Automatic Stay
- Bankruptcy Exemptions
- Will Bankruptcy Solve Your Debt Problems?
- Getting Help With Bankruptcy
- Property Subject to Collection
- Types of Exemptions
- Is Your Property Exempt?
- Claiming Exemptions
- Credit Scores and Credit Reports: What's the Difference?
- Credit Reports
- Cleaning Up Your Credit Report
- Your Credit Score
- Rebuilding Credit Without Getting New Credit
- Rebuilding Credit by Getting New Credit
- Don't Use a Credit Repair Organization
- Avoiding Credit Card Traps
- Consumer Credit Card Rights
- Use Credit Card Disclosure Forms to Identify Traps
- Trouble Paying Your Bill
- Should You Get Rid of Unnecessary Credit Cards?
- How to Close a Credit Card Account
- Shopping for a New Card
- Using Credit Cards Wisely
- Cards You Didn't Request
- Rejected and Blocked Cards
- Liability If Your Credit Card is Lost or Stolen
- Unauthorized Use of Your Card by an Acquaintance
- To Dispute a Credit Card Bill
- Debit Cards
- Prepaid Cards
- Looking Up the Law
- Lawyers
- Debt and Credit Counseling Agencies
- A: Where to Complain
- B: Contact Information for Useful Agencies, Organizations, and Other Entities
- C: Worksheets
- Sample Chapter
- Are your credit cards charged to the maximum?
- Do you use one credit card to pay another?
- Are you making only minimum payments on your credit cards while continuing to incur charges?
- Do you skip paying certain bills each month?
- Have creditors closed any accounts on you?
- Have you taken out a debt consolidation loan? Are you considering doing so?
- Have you borrowed money or used your credit cards to pay for groceries, utilities, or other necessities (for reasons other than convenience or to get perks on a credit card)?
- Have you bounced any checks?
- Are debt collectors calling and writing you?
- Downloads and Updates
- Download forms, worksheets, and checklists. Print these important documents to complete your DIY legal endeavor.
- Access legal updates. Changes to the law and updates to the book will be posted to this webpage so that you can stay current.
- Read blogs. Get trending info from the authors' blogs.
- Listen to Podcasts. Listen to authors discuss timely issues on topics that interest you.
- Watch Videos. Get a quick introduction to a legal topic with our short videos.
Conquering overwhelming debt starts with understanding your options. Solve Your Money Troubles gives you the tools you need to get your finances back on track. Learn how to:
But that's not all. Solve Your Money Troubles helps you handle the big issues, too. Find out how to:
Most importantly, you can count on getting the support you need. In addition to up-to-date legal information, you’ll find practical tools, such as sample creditor letters and budgeting worksheets. And, if the law changes, you won’t be left out of the loop. You’ll have online access to all of the latest debt, credit, and bankruptcy developments.
“This book is a must-have, even for people who don’t have debt problems.”
-Los Angeles Times
“One of the best books you can buy on all aspects of personal debt.”
-Michael Pellecchia, Nationally Syndicated Columnist
“This book will give you strength and the skills needed to respond to bill collectors and to rebuild your credit….”
-New Orleans Times-Picayune
Your Legal Companion to Solving Your Money Troubles
1: How Much Do You Owe?
2: If You're Married, Divorced, or Separated
3: Create a Budget and Control Spending
4: Prioritizing Your Debts
5: Finding Money to Pay Your Debts
6: Negotiating With Your Creditors
7: What to Expect When You Can't Pay Your Debts
8: Reducing Mortgage Payments and Dealing With Foreclosure
9: Dealing With Debt Collectors
10: Understanding Loan and Other Credit Documents
11: Student Loans
12: Child Support and Alimony
13: Lawsuits and Collection of Judgements
14: Bankruptcy: The Ultimate Weapon
15: Property Creditors Can't Take
16: Rebuilding Your Credit
17: Choosing and Managing Credit Cards
18. Help Beyond This Book
Glossary
Appendixes
Index
Chapter 1: How Much Do You Owe?
To successfully plan your strategies with your creditors, you need to come to terms with your total amount of debt. You might find this uncomfortable, but most credit counselors will tell you that people tend to overestimate their debt burdens.
You’ll start by comparing what you bring in each month with what you owe on your monthly expenses (such as food, housing, and utilities) and your other debts (for example, student loan payments).
However, having a ballpark idea of the amount of your income and debt burden is not enough to tackle your debt problem. Getting precise numbers is a crucial part of the process, so you won’t want to skip it. This process will help you prioritize your debts and help you decide which strategies to use to solve your money troubles.
To figure out how much you earn and how much you owe, follow the instructions on the next pages and use the online worksheets. If you are married or have jointly incurred most of your debts with someone, fill out the worksheets together. (You’ll find the worksheets mentioned throughout this book in Appendix C.)
| Warning Signs of Debt Trouble |
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If you have panic attacks when you try to figure out your total debt burden, you’ll feel better if you skip this chapter and come back to it when you are better able to confront the information. Before doing that, however, ask yourself the following questions. If you answer “yes” to any one of them, you are probably in—or headed for—serious debt trouble: |
How Much Do You Earn?
Start by figuring out how much you earn each month. You’ll need a calculator and your pay stubs to complete the first online worksheet—Worksheet 1 (see Appendix C). You’ll enter your monthly income from each source. If you are paid more often than monthly, use the instructions on Worksheet 1 to convert your pay to a monthly amount. If you have income that doesn’t fit into one of these categories, list it as “other.”
How Much Do You Owe?
On Worksheet 2, you list your debts. Gather the documents that show payments on all your debts, the total amount owed on each debt, and any amount past due, including any interest or fees that have been added. Be as thorough and complete as possible. Once complete, Worksheet 2 will tell you exactly how much you should be paying each month to remain current on your debts, as well as how far behind you are. Here’s how to fill it out.
Column 1: Debts and other monthly living expenses. In Column 1, enter the type of debt. Don’t enter a debt more than once. So, for example, if you already deducted from your income in Worksheet 1 a debt that is paid out of your paycheck, such as child support, don’t deduct that same debt again here.
If you are married, you may not be certain which debts are yours and which belong to your spouse. If your marriage is intact and you’re having mutual financial problems, enter all your debts in Column 1. If, however, you are separated or recently divorced, or are married but having financial problems of your own, see Chapter 2 for help on figuring out which debts you are obligated to pay. If you generally share expenses and maintain a household with someone else, consider combining your income and paying all of your debts with joint funds, regardless of who actually incurred the debt. Enter both partners’ debts in Column 1.
Column 2: Outstanding balance. In Column 2, enter the entire outstanding balance on the debt. For example, if you borrowed $150,000 for a mortgage and still owe $125,000, enter $125,000. Your latest account statement might list the entire outstanding balance. If not, the creditor’s automated telephone system or online account information might provide the information you need. If you can’t get the balance and you prefer not to talk to the creditor, use your best guess for now.
Columns 3 and 4: Monthly payment and total past due amount. In Columns 3 and 4, enter the amount you currently owe on the debt. If the lender has not established set monthly payments—for example, for a doctor’s bill—enter the entire amount of the debt in Column 4 and leave Column 3 blank. If the debt is one for which you make regular monthly payments—such as your car loan or mortgage—enter the amount of the monthly payment in Column 3 and the full amount you are behind (monthly payment multiplied by the number of missed months, plus any fees or charges that have been added, like over-limit fees or late payment charges) in Column 4.
For credit card, department store, and similar debts, enter the monthly minimum payment in Column 3 and your entire balance in Column 4. But keep in mind that eventually you should make more than the minimum payment on your credit cards. (Chapter 10 discusses the danger of making only minimum payments each month.)
Column 5: Is the debt secured? In Column 5, indicate whether the debt is secured or unsecured. A secured debt is one for which a specific item of property (called “collateral” or “security”) guarantees payment. The most common type of secured debt occurs when you sign a credit agreement (sometimes called a security agreement) that allows the creditor to take a particular item of property under certain specified conditions—without suing you first. Examples of conditions that might allow the creditor to take your property include your failure to make a payment, your failure to maintain insurance on the property, or your failure to comply with the payment agreement in some other way. Typically, you sign a credit agreement giving the creditor a security interest in your property when you finance a car purchase, get a mortgage, get a second, third, or additional loan on your home, or buy an appliance or a piece of furniture with store credit.
A creditor might also be able to secure its debt without your agreement by filing a lien against your property. This can happen in two circumstances. First, the creditor can file a lien if the law specifically allows for it. An example is a mechanic’s lien—the law specifically states that a worker or material supplier can file a lien against your real property if you or the contractor fail to pay them. Second, a creditor can file a lien against your property if it has sued you and obtained a judgment against you. This is called a judgment lien.
Unsecured debts are typically bank credit card debt; bills owed for utilities, medical, or legal services; student loans; and spousal or child support.
Secured property is usually something very important, like your car or house. Because such property can be taken quickly, without the delay of a lawsuit, secured debts are usually a high priority for you to pay.
Specify the collateral the creditor is entitled to take if you default on the debt. (After you have read more about whether a debt is secured or not in Chapter 4, you can come back and review Column 5 to see if you need to make any changes.)
Column 6: What priority is the debt? Leave Column 6 blank until you read Chapter 4. It will help you prioritize the debts.
Add it up. When you’ve entered all your debts in the worksheet, total up Columns 2, 3, and 4. Column 2 represents the total balance of all your debts, even though some of it may not be due now; Column 3 represents the amount you are obligated to pay each month; and Column 4 shows the amount you would have to come up with to get current on all your debts.
RELATED TOPIC
Don’t forget your other expenses. None of us have monthly expenses consisting entirely of loan or credit payments. We also have to pay rent and buy groceries, pay for movies and restaurants, buy clothing and household goods, and so on. These other expenses are covered in Chapter 3, and now might be a good time to review that information. By listing your non-debt-payment expenditures, you will get a more complete picture of your finances to help you determine how much you have left to repay debts.
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