Each one of these things can have serious consequences depending on the plan we develop for dealing with your debt, so:
1. Don’t borrow any more money. Don’t take out a second mortgage.
2. Don’t take money out of your retirement, 401k, or IRA.
3. Stop using your credit cards. Don’t use the convenience checks and don’t take cash advances. Don’t do “balance transfers” from one credit card to another.
4. Don’t keep your money in the same bank or credit union where you owe money. Stop all direct deposits into that account and redirect them to a different bank.5. Don’t pay back loans from family members or friends if you are not paying your other creditors.
6. Don’t try to put your vehicles and property in someone else’s name. Don’t give away things, and don’t sign vehicles, land, or houses over to someone else.
7. Don’t give your money to someone else to hold and do not try to hide your money in someone else’s bank account.
8. File your tax returns, even if you are going to owe money.
9. Don’t get married right now if you have a lot of debt, or if your fiance has a high income.
10. Don’t make promises or payments to debt collectors. Decide what bills must be paid, like the house and the car, and keep paying those. Stop paying credit cards, medical bills, and other unsecured debts.
11. If a process server is trying to serve you with court papers, take them, or if the post office says you have certified mail, pick it up. It is important you know what these things are so you can deal with them before they turn into a garnishment or foreclosure.
12. If you get any type of letter mentioning foreclosure, you must act immediately. A foreclosure can be completed in thirty days and they don’t have to tell you about it in advance.
Have more questions? Want to know your options? Call me for an appointment at 601-948-4450 so you can get the information you need to get started on your plan.