Managing a Recession Bankruptcy
The signs aren’t looking too good for the American economy. We may have a recession that could go into 2024. It promises hard times for many people, and those facing bankruptcy will be the hardest hit.
Bankruptcy happens for many reasons. It is embarrassing, but sudden emergency expenses sometimes drain checking and savings accounts. An employee facing this type of threat to financial wellness must follow some essential steps to prevent a full-scale catastrophe. Here we suggest:
A person should take stock of all marketable assets and determine which must be sold to pay off debts. Some assets, such as a home or car, might be ones to keep.
Cut All Unnecessary Expenses
Magazine subscriptions come to mind immediately. Nonessential purchases are other things that can wait. We do not suggest you cut your expenses to the bone; some items are still important. Nevertheless, some entertainment can wait until the crisis has passed.
Develop A Workable Budget
This goes along with cutting expenses. Draconian measures can cause greater difficulties, and strict economizing can threaten financial wellness. Budget work means looking at regular monthly cash flow and determining what adjustments can be made. It can be as simple as paying only the minimum required on specific credit cards while paying off others.
Investigate Debt Relief Options
Bankruptcy is not the only way to get out of a jam. Debt consolidation or debt settlement may be viable options a person can use to rescue their financial wellness. These are certainly worth looking into.
There are various ways of dealing with the threat of bankruptcy, but an ordinary person often knows nothing about these. It is why seeking professional help can be so important.
A few careful suggestions make the difference. Countrywide Pre-Paid Legal Services has a financial wellness benefit organizations can offer to their employees that give the needed assistance.
Our Counselors are Experienced
The Countrywide benefit uses certified counselors who deal with common financial problems all the time. These are professionals who can assist a person who is facing a bankruptcy dilemma. The advice and services provided will stop a financial ship from sinking.
Countrywide counselors will gladly help any plan member create a budget that meets all the expenses while providing extra cash to pay off some outstanding debts. Additionally, the counselor knows numerous ways to bring a little sunshine into a dark situation. Regrettably, some people must file for bankruptcy. However, the Countrywide counselor can help a person navigate the waters and get out of trouble quickly.
We have a debt management plan that provides excellent advice to struggling people. It costs a bit more, but the service is focused, and additional help is given to a financial wellness plan member enrolled in it. The goal for Countrywide is to assist a person in getting through a life crisis.
The Client Is There
Countrywide works with organizations of all sizes, and we develop financial wellness plans that meet the needs of the employees. Our success comes from a partnership we form with a prospective client.
We explain our benefit options to the decision-makers and then ask them to decide what benefits will be part of their unique plan. We do not hesitate to answer any questions, and what the client wants is what the client will get. The selections are part of the final plan document, and Countrywide provides administration and superior member services. The employee benefits.
Staying positive is also important while dealing with a severe financial problem. Financial difficulties are not the end of the world, and even a recession can be managed if a person has the right advice. Countrywide offers that service. If you have any questions about what we can do, please contact us at your earliest convenience. We would welcome a chance to discuss our benefits with you.
