Ronald Patton wrote: Hi,
I'm going through a real tough time. I lost my job last week. That created a financial crisis for me and my family. Can someone suggest me some tactics and methods of recovery from these situations?
Thank you

It has been a few months since you posted now, so how are you doing? Have you had any luck getting a new job? If not, the only thing I haven't seen suggested yet is filing an unemployment claim if you're eligible, although that process depends on which state you're in so I can't really advise.

Your idea goes by different names, one of them being a "restructured loan". Some places charge a fee for that which they tack onto the new loan, while others don't.

I do hope you are back on your feet by now Ronald. Another thing I did not see mentioned here is the mortgage, if you have one. Did you contact your lending institution and explain the situation to them? Some will try and help with your situation by allowing you to skip a few payments and tacking them on to the end of your mortgage. Please let us know that you're O.K.

How is it going Ronald? I just wanted to check in to see how things were going.

Sorry to hear you are going through this. It will take a family to pull together to deal with it. One thing that helps is being organised, so make a schedule. Set aside a few hours a day for job hunting, a few for seeking assistance and funding, some time for selling off whatever goods you can (eBay and Amazon can help you make a few quick dollars), and make sure nothing gets forgotten. If you can get a job, any job, it will do a lot to lift you out of trouble. Good luck!

This is a time for you and your family to come together. All of you get in on the act, it will bring you all closer together. Unemployment benefits, virtual freelancing, food banks, recycle aluminum or plastic for money, call your utility companies and other creditors and tell them your situation. They can't give you a break if they don't know you need one. The Salvation Army is a good resource. Flip burgers if you have to......the federal minimum wage is going up to $10.00 an hour next week.

I feel for you buddy, I've been there. You can get out of this though.

I am really sorry to hear that Ronald. I agree unemployment should be your first place to go. Other ideas include:
-Pick up side jobs (virtual freelancing) - google freelancing and there other tons of websites for this
-Borrow from your family - I don't generally advice this, but if you are in desperate needs, this is an option
-As FrugalFan mentioned cut all discretionary expenses until you get back onto your feet.

I agree with Wanderer and I would definitely start with applying for unemployment and anything else that will help you get through this tough time. Take a look at your monthly expenses and see if there are any areas where you can trim the fat, so to speak. If you haven't already started shopping for Christmas, consider what you and your family can make for each other instead of buying store-bought gifts. Finally, get on LinkedIn and Indeed and search, search, search. Make sure your resume is updated and get it out to anyone and everyone. I'm sorry this happened and I wish you the best in your search for a new job. Please let us know what steps you take and how things are going.

One thing is don't be shy about seeking Unemployment Benefits, Food Stamps, WIC, Medicaid, Dislocated Worker Benefits (retraining/schooling) and so on. Forget about the stigma as you have family responsibilities and no one is going to pat you on the back for staying away from outside help so go for it. That is what it is all about. If you were eliminated in violation of some law even keep the door open for legal action. Companies don't give a darn about their staff so feel free to take care of your family. The Baby Boomers are gone and it is a whole new world now!

Hi,
I'm going through a real tough time. I lost my job last week. That created a financial crisis for me and my family. Can someone suggest me some tactics and methods of recovery from these situations?
Thank you