How to Prepare for Prison: Money Management
- If you are going to prison, you will need someone to handle your financial responsibilities while you are away
- Make sure you tie up any and all loose financial ends before you go
- Make a list of all of your expenses so that any new charges do not surprise you
How to Prepare for Prison Financially
NOTE: This is a personal blog, any views or opinions represented in this blog belong solely to the FedPhoneLine staff. WE ARE NOT Psychologists or Therapy Professionals, all data and information on these blogs are for informational purposes ONLY. In the comments section, we are hoping that people can outline their experiences and foster communication that will assist others going through similar events.
A vast majority of people in jail do not have significant assets, but many have mortgages, credit card bills, businesses that are jeopardized when they become incarcerated. For anyone who is about to go to jail and for the loved ones/friends, we hope the following information will assist with money management
Find someone you trust to take over your financial responsibilities
This way any ongoing payments (i.e. car payments, bill payments etc.) can be arranged through this trusted person. Upon release, when you get out and your credit is still intact and all bills are paid up you will be happy that you took care of these issues before going inside (if you have the luxury of being on bail).
Setup a Joint Bank Account/Power of Attorney with this Trusted Person
Setting up a joint bank account and Power of Attorney will make it easier to handle your finances when on the inside. Also, the Power of Attorney will give this trusted person the legal authority to make decisions on your behalf (MAKE SURE YOU REALLY TRUST THIS PERSON!).
It is best to avoid bankruptcy at all costs if you know that you will not be able to make bill payments in the future, try and contact all your creditors to inform them that you will have difficulty making payments for a period of time. Perhaps you can be put onto a different payment plan.
It can be very difficult to file for bankruptcy while in jail (bankruptcy sessions can be conducted via telephone, however phone time is usually not guaranteed). If you are thinking of filing for bankruptcy make that decision before going to jail/prison, debt collection agencies contacting your loved ones adds to an already stressful situation.
There are certain payments that will continue even after bankruptcy including; child support payments and restitution costs associated with criminal activity.
Please leave comments below on how to prepare for prison and handle finances when going to jail.