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Q: After my divorce, I lost my job and ran up my credit cards. I
still don't have a job, I've maxed my cards and my
unemployment checks have stopped. Basically, I have no income. How can I save
my house and car?
- Sally in Brentwood
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A: Sorry to
hear about your stretch of bad luck and misfortune, Sally.
First, you
mentioned that you were divorced, but didn't mention if you had children,
thus child support payments. If you are due child support, you should
stay in touch with your lawyer to ensure you get the money you're owed.
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In order to
avoid the nightmare of bankruptcy, you also need to pay down your debts and
make sure you retain your house and car. In order to do this, of course,
you need income and to reduce expenses. Try these tips:
Rent out space. Take
on a tenant by renting a room. Or two. Consider leasing out part of your
basement and/or garage to folks who are moving.
Kill Your TV. Or,
at the very least, kill your cable. You can only watch a channel at a time,
anyhow. If you have a monthly fee for TiVo - type
service, kill that, too.
Get different wheels.
Getting a cheaper car will reduce monthly payments and your insurance. If
you have more than one car, get rid of the one with the higher payments.
For additional savings, take your car off the road and car pool, take
public transportation, or even ride your bicycle.
Sell your stuff. We
all have stuff we haven't touched in the past two years. Sell it. Hold a
garage sale or two. If you have an account with an online auction service
like eBay, start selling! If you don't have an account, you know someone
who does. Ask if s/he will sell your items for you.
I hope this helps, Sally. Thanks for your question.
IN THE CARAVAN:
Rent out space, get rid of cable, reduce car expenditures and sell your
stuff.
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The Lion’s Pride: Q & A
