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What is a Financial Hardship?

Financial Hardship A financial hardship occurs when a personal economic situation that makes it difficult to meet your financial obligations.  Some examples of economic hardship are job loss, an illness or death in the family, divorce or a disability.  No matter what the cause of the hardship, it is important to contact your creditors to explain the situation. Some may even be able to offer temporary relief:
  • Student Loans - People who are facing economic hardship may be eligible for a deferment on their student loans. Some examples of economic hardship that will qualify you for a deferment are divorce, illness or death in the family, a disability or a job loss.
  • Credit Card and Loan Companies - Some credit card companies offer credit card hardship programs. These programs can help you restructure your credit card debt by setting up a better payment plans.
  • Mortgages - Mortgage holders can sometimes make temporary provisions if they know that you will soon be able to resume your regular payments. This situation would occur if you were ill and out of work for a set amount of time and were going back to work. 
  • Electricity Providers - Many electric companies will offer assistance to allow their customers to make temporary reduced payments if a hardship situation can be verified. To request assistance, a hardship letter explaining your situation must be sent. 
  • Retirement or 401k - People who have retirement or 401k plans may be able to withdraw money if they are faced with a genuine hardship situation. The money can only be applied to expenses that are approved by the distributor. Hospital bills, medical and funeral expenses are examples of qualifying hardship conditions.

Have you faced more than a financial hardship? Are you in over your head in debt? Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation.

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