{"id":3972,"date":"2020-04-09T14:56:52","date_gmt":"2020-04-09T20:56:52","guid":{"rendered":"https:\/\/debtfreecolorado.com\/?p=3972"},"modified":"2022-04-12T06:28:43","modified_gmt":"2022-04-12T12:28:43","slug":"dealing-with-debt-from-covid-19","status":"publish","type":"post","link":"https:\/\/debtfreecolorado.com\/dealing-with-debt-from-covid-19\/","title":{"rendered":"Dealing With Debt From COVID-19"},"content":{"rendered":"

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How do I pay my Bills if I’m out of Work due to a Stay-At-Home Order?<\/h2>\n

The efforts to contain the Coronavirus pandemic have pushed hundreds of thousands of people out of work. Without consistent income, paying your bills can be difficult if not impossible. Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all.<\/p>\n

File for unemployment<\/b><\/h3>\n
It’s not necessary to have been fired for you to seek unemployment benefits in Colorado. You may be eligible if your hours have been cut, or if you’re only temporarily out of work and you’ll be returning to the same employer (known as job attached unemployment). Be aware that the state is currently\u00a0being flooded with unemployment\u00a0applications, so save your application often.<\/div>\n
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Reach out to your creditors<\/b><\/h3>\n
Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. So far the offers have been vague, the most likely\u00a0concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate.<\/div>\n

Triage your finances<\/b><\/h3>\n
Depending on how long your employment is affected, you may come to a point where there simply isn’t enough money to go around. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy.<\/div>\n

Paying Rent<\/b><\/h3>\n
If you are renting, paying your landlord should be among your highest priorities. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself. You are likely to be evicted fairly quickly if you stop paying your rent (although there are temporary holds on evictions in some counties). That said, a frank conversation with your landlord might buy you some time.<\/div>\n