What should I do during a financial crisis?
I want to talk to you about five things that you need to do in a financial crisis. The first thing is to marshal all of your resources. Look at the cash value of your insurance policies; look at people who owe you money; look at people that might be able to loan you money. You need to now look at all the places you can get money, even if you have to pick up a second job. The second thing you need to do is review all your expenditures. Get your tax statements out; get your credit card statements out; eliminate unnecessary drafts; eliminate unnecessary charges against your card.
The third thing you need to do is make appropriate adjustments. If you’re living in a house that’s too big or you’re renting a house that’s too big, rent a smaller house that’s not as expensive. If you need to sell something – a car, a motor home, a boat – do it. You might not get all you want out of it, but you know what, we’re here to get through this. The fourth thing you need to do is contact your bank. They will have a lot of possibilities to help you. They can reduce your interest rate, have you pay interest only on your loans, help you refinance, or even do a home equity loan. Go there and get all the information you can.
The fifth thing you need to do is get an up-to-date financial statement. Get the balances of all your debts, including credit cards. Gather all the values of your real estate and all your assets. Put everything together in a financial statement, and make sure it makes sense. We’re all going to need it with the Small Business Association, because we’re all going to end up there sooner or later.
The Murray Law Firm has been serving north central Oklahoma for 35 years. We’ve been through tough times before. We know how to advise you on getting through these tough times right now. We’re here for you. We’re going to stand steady and see it through with you.
Do you have questions about how you can protect your assets during a financial crisis like COVID-19?
Contact our experienced Stillwater bankruptcy attorneys at Murray Law Firm today for a free consultation and case evaluation.
Let our experience work for you.
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