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I’d like to Reduce My Payments While I’m Laid Off. – Bonnie

Bonnie

“Dear Steve,

I was laid off in November. First unemployment in 30 years, I have a domestic partner that is still employed but our lifestyle was adapted to 2 incomes. I just do not want to have to deal with any repossessions. I am adamantly seeking employment without much luck.

Are there any services out there to help us reduce our monthly payments at least until I can find employment?

Bonnie”

Dear Bonnie,

This is a problem with the standard lending contract. It is absolute without any allowance for unusual circumstances. It is simply not flexible enough for you to drop your payments back.

Let’s explore what options you do have for your current situation. How much and what type of total debt do you have?

Steve

Please update me with your answer by posting the answer here in the comments section of your question.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

13 Comments

  • Is it possible to file for bankrupty commercially and residentially at the same time? This deal has us in the hole both at the restaurant and at home.

    We have the lean on our home, if they take our house will we still have to make payments we? We are not sure what we will have to pay and we will not have to pay.

    • Bonnie,

      Yes, you can. But it is two different filings. An incorporated business is a separate legal entity.

      Find a local bankruptcy attorney you like, make an appointment for a free bankruptcy consultation and go ask every question you can think of. The one thing you need most right now are answers.

      Let me know how the appointment goes. Make the appointment ASAP.

      Steve

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