Common Financial Setbacks

During your life, you will probably experience some sort of unexpected financial incident or emergency that will cause you to dip into your debt settlement savings fund. Below are some common situations that may drastically change a person's financial situation. At Credit Answers we realize that you may have your own complex set of circumstances that may require additional resources.

A Divorce Occurs

Divorce laws can be complicated and may differ by state. You may choose to seek the advice of an attorney that specializes in this field. Search for a divorce attorney in your area at Family Law Software. Under the section labeled "For Individuals Facing Divorce," click on the "Find Professionals in Our Directory" link. This site sells divorce-related software, but also offers valuable information about the divorce process. You can also check out the "Divorce Guide---A World of Help" link located under the "For Individuals Facing Divorce" column for a variety of helpful information and calculators. A certified divorce planner (CDP) may also be able to assist you. This professional is a financial planner that has completed additional training and education related to the financial issues of divorce.

A Family Member Passes Away

Coping with the loss of a loved one will undoubtedly take an emotional toll on family members. During this difficult time, most families will struggle with the unbelievable shock and grief of the situation. Therefore, finances and money will not be at the forefront of someone that recently lost a loved one. This will be a time that family members can band together to support one another in accomplishing some of the following necessary tasks.

- Locate important documents, such as insurance policies and the most recent will.
Before committing to any funeral costs, consult with other family members and perhaps a lawyer about any prior instructions or arrangements.

- Obtain multiple copies of the death certificate, which will be needed to apply for death benefits (such as life insurance policies or Social Security) and to access bank accounts.

- If the family's medical insurance is through the deceased person's employer, consider options for continuing coverage.