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Qualifying Financial Hardships For Debt Resolution
Qualifying financial hardships fall into two categories: hits to your income, and unexpected expenses. And sometimes, you might get a double whammy medical emergency, for instance, that causes income loss while you're incurring healthcare costs. When you experience a financial hardship, you want to explain what happened and show how it impacts your ability to pay what you owe. Being able to prove a hardship is essential in debt negotiation when you're asking for help with credit card debt or other balances. It may also help to document your attempts to find new work, enroll in job training, or reduce expenses.
Job Loss or Income Reduction
When you lose a job, your hours are cut, or your business income falls, you may have difficulty paying your debts. There are several ways to prove loss of income:
Explain how much money you're losing and how it impacts your finances—for instance, if your income barely covered your credit card payments before, and now you make $600 less per month, you obviously need some help.
Medical Emergencies
Medical emergencies can be expensive, and they can also lead to income loss. Explain what happened and show the medical bills. You may want to sacrifice some medical privacy to show that you need and deserve a break from your creditors.
Keep records of everything related to your medical event, including invoices, receipts, and insurance statements for all medical services, drugs, and devices. If you must travel for treatment, submit those costs, too.
Document any loss of income or costs that result from the medical emergency. For instance, if you have to hire a caregiver for your child while one parent recovers, show proof of your cost for that service.
Divorce or Separation
If your hardship is a divorce or separation, plan to explain the impact and prove the amounts involved. If you're divorced or legally separated, expect to show a copy of legal documents signed by the court.
It's obviously more costly to maintain a household on your own than with the help of a spouse. Document your new living arrangements and their costs with utility bills or leases (for both partners if you can). You can write a letter explaining how the divorce/separation impacted your finances, and be as specific with amounts as you can. Don't forget to include costs like child support, alimony, and attorney fees.
If the debts are in both of your names, you must both participate in the debt negotiation process. Be prepared to work together to solve your mutual problem. A divorce doesn't make debt obligations disappear, unfortunately, even if you have a divorce decree that says your ex is responsible for all or part of a debt. Your agreement to repay a loan is with your creditor, not your ex.
Natural Disasters
Natural disasters like flooding, earthquakes, and hurricanes can be devastating and disruptive. They're usually covered in the media, so it's not hard to prove that a disaster occurred. The disaster that affected you might also be listed on FEMA.gov. You must show that you were living or working in the area and that the disaster affected your home or employment.
Document costs such as home repairs, temporary housing, replacing essential household goods, loss of income, moving and storage fees, replacement or repair of vehicles, and other items caused by the event. Be sure to explain how a charge is related to the disaster if it's not obvious, such as if you lived outside the disaster zone, but the event destroyed your workplace.
Catastrophic Events
Catastrophic events are tragedies that can happen to anyone, and cause financial havoc in addition to personal grief. They include a death in your immediate family (especially of a wage earner), a tragic accident, a serious crime, or other financial hardship that wasn't your fault and was out of your control.
Other Costly Unexpected Expenses
In some cases, large unexpected expenses may qualify as a financial hardship. For instance, a major car repair you have to make so that you can get to work, or an expensive home repair like fixing your roof that's leaking or a burst water pipe that's causing flooding. Any major financial situation that puts your ability to pay your bills into question is worth a conversation with a debt expert.
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