legacyrealtygroup

YOUR CREDIT RATING IS CRITICAL:

Whatever the reasons, and "until you can back on your feet", if you are having difficulty keeping up with your monthly responsibilities, try prioritizing your bills by dividing them into three categories:

1. ESSENTIAL BILLS-the ones that if you didn't pay, could result in catastrophic consequences.

    THE BILL                                                                               CONSEQUENCE FOR NOT PAYING
    Mortgage or rent                                                                      Foreclosure or eviction
    Home equity loans/lines of credit                                               Foreclosure or eviction
    Groceries                                                                                 Starvation
    Utilities                                                                                     No lights, heat, water or phone
    Payments on car needed for work                                             Loss of job
    Essential medical treatments                                                      Death or serious illness
    Child support                                                                            Jail

 2. IMPORTANT BILLS-the ones you should pay if possible. Failure to pay would have serious consequences.
  
    THE BILL                                                                                CONSEQUENCE FOR NOT PAYING
    Income taxes                                                                             Wage garnishment/loss of tax refund
    Court Judgments                                                                        Wage garnishment
    Student loans                                                                             Wage garnishment, loss of tax refund
    Loans secured by property you want to keep                              Repossession of property
    Auto Insurance                                                                           Loss of license/Fine
    Medical Insurance                                                                      Catastrophic medical bills

3. NON ESSENTIAL BILLS-debts not secured by property. Failure to pay will affect your credit score, but skipping payments won't put you out on

    the street.
    THE BILL
    Credit cards
    Department store cards
    Gas cards
    Medical bills
    Legal bills
    Personal loans from friends or family

You might have other bills not mentioned here. Use your best judgment to categorize them.

For all your Real Estate and Insurance needs and helpful hints, contact LEGACY REALTY GROUP, "The new Star In Town", Edison, NJ

732.744.0400