See my research, posts, and articles on being unemployed, including financial survival tips, debt management, and assistance programs. Click the link to learn more!
Quick Answer: If someone gets laid off, they should immediately apply for unemployment benefits, which under the CARES Act includes an additional $600 per week through July 31, 2020. The article provides 11 actionable steps to maintain financial stability and emotional health during unemployment transitions.Stay-at-home orders to prevent the spread of COVID-19 have resulted in …
Quick Answer: Fake job scams involve criminals posing as legitimate employers through spoofed company websites and fake job postings to steal personal information or money from applicants. Technology has made these scams more sophisticated, with criminals conducting false interviews via teleconference and impersonating HR personnel to deceive victims.Fake Job or Hiring Scams occur when criminal …
Quick Answer: Senior employment helps by providing income to delay Social Security claims and offering fulfillment, but hurts when financial pressures from widowhood or divorce force continued work. Nearly 25% of seniors now work, up 18% from a decade ago, with unemployment at just 2.6%.It’s no secret: seniors are working at historic rates. Almost a quarter …
Quick Answer: A newlywed couple should treat debt as a shared problem when one spouse loses income after layoff. The advisor emphasizes that credit scores become irrelevant during financial crisis and couples must work together to either reduce expenses or increase income to survive the debt burden.“Dear Steve,I’m working full time and earning 46k annually. …
Quick Answer: Student loans themselves don’t inherently hurt credit when payments are made on time, but missing payments due to job loss can damage credit scores. Federal loan borrowers should immediately apply for income-based repayment plans, while private loan holders should request deferment to avoid missed payments during unemployment.“Dear Steve,I owe $17,000 on my student …
Quick Answer: Yes, unsecured creditors can potentially force the sale of a home in California through a Writ of Execution after obtaining a judgment and lien. However, California’s homestead exemption protects up to $600,000 in home equity for homeowners over 55, which may shield this person’s nearly-paid-off home from forced sale.“Dear Steve,I lost my job …
“Dear Steve,My husband loses his job as of this year in a couple weeks. Due to family illness, I lost my job 2 years ago. He is in his late 60’s & I am 60. Due to all foreclosures in my area, unable to sell house for what we owe. We would have to pay …
Quick Answer: Selling a vacant home during financial distress can help through short sales but requires lender approval and experienced agents. Peter’s situation with $275K-$285K total debt to PNC shows the main options are negotiating a short sale or allowing foreclosure followed by Chapter 7 bankruptcy to discharge remaining liability.“Dear Steve,I have a first mortgage …
Quick Answer: Debt settlement can help reduce what borrowers owe but severely damages credit scores and often leads to tax consequences on forgiven debt. This unemployed borrower with $31,000 in credit card debt should avoid settlement companies that require stopping payments, as this strategy destroyed their good payment history with creditors like Citi who now …
Quick Answer: Debt consolidation loans can help reduce interest rates, but unemployed borrowers typically won’t qualify without income verification. The reader’s $50,000 credit card debt situation may be better addressed through bankruptcy, which protects retirement accounts while providing debt relief.“Dear Steve,Consolidating debt to avoid high interest rates or deplete 401K.Have taken on about $50K in …
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