Dealing with an emergency can be stressful and expensive. But building an emergency fund now can help you be ready for unexpected expenses in the future and help keep your budget on track. The ideal emergency fund can cover three to six months' worth of expenses, and gradually setting funds aside can help you reach that goal. A Money Market emergency fund from Credit Union ONE can help you get started so you can have peace of mind and be confident in your future.
"Federal regulations limit you to six savings account withdrawals or transfers per monthly statement period. However, this limtt does not apply to withdrawals or transfers made in person at a branch or at an ATM.
Dealing with the Fallout of Bankruptcy
Bankruptcy is not an option to take lightly. Declaring bankruptcy carries significant financial and legal ramifications, placing all of your assets at stake. It’s important to make a detailed account of all of your assets and debts before filing for bankruptcy. Showing creditors that you’re serious about shoring up your financial problems can lead to favorable settlements for you. With changing bankruptcy laws, a trusted attorney is a valuable resource.
Bankruptcy doesn’t absolve you of your financial responsibilities, so you’ll be required to follow a payment plan with creditors after you file. You’ll likely need to scrutinize your spending habits and lifestyle if you’re considering or going through bankruptcy.
Managing Finances After Your Spouse's Death
Losing a spouse creates one of life’s most heart-wrenching and stressful situations. In these difficult times, it’s important to keep your financial situation in good shape. That may not be easy if your spouse handled the finances, but now is the time to understand the complete picture of assets and debts.
It’s best to alert creditors and the reporting agencies of your spouse's death so they’re updated immediately about your situation. This can open the door to discussions with creditors about any accounts you held jointly with your spouse, such as credit cards or personal loans for which you’ll be responsible in the future.
Going forward, make sure you keep current on all your payment obligations while identifying your assets, where they are and how to access and protect them. Then develop a financial plan that enables you to live comfortably.
If Divorce Disrupts Your Life
You never expected your marriage to dissolve. With emotions running high, there are important financial decisions to be made at this time that require clear thinking and long-term vision.
One of the most common mistakes divorcing couples make is failing to separate their joint credit accounts. A divorce decree has nothing to do with a person’s legal and contractual obligation to creditors. If accounts with your name on them no longer get paid, your credit score is at stake.
Removing your name from a joint account should be one of the first things you do. That can be easy or complicated, depending on the situation and the creditor with whom you’re doing business.
Removing your name from a credit card account likely will be easier if there’s not a huge outstanding balance. For automobile loans, however, a lender may not agree to take a person’s name off the account if the lender doesn’t trust the ex-partner to stay current with payments. Mortgages are more complicated. A re-finance, which can have huge financial repercussions, likely needs to occur to remove your name from the lender’s records.
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