Tips On How to Safeguard Your Finances When Going to Jail
The fact is its difficult to track and manage your finances once you get locked up in jail. The main reason for this is because you are barred from anything that is happening outside the jail. The problem with this is that if you do not inform your bank and other financial institution of your conviction then they cannot put on hold the arrangements you had earlier agreed on. Below are the tips that will help you manage your finances while in jail.
The best decision that you can make is to notify the institutions that manage your finances that you have been arrested and convicted for s given period. When this is not possible, its good to request your lawyer to do the honor and pass that information to your financial institution and request them to suspend all the arrangements. You are required to provide details of your jail term to your creditors since some people will fake jail to evade paying their dues.
You have to have someone you trust in your life who can help manage your finances for the period you will be on jail. As much as they will be no activities with your accounts you still need to have this person to help track your account and make any payments if necessary. When it comes to finances, it’s normally hard to trust anyone but when the need comes you have to ensure that at least you have little hope for that person you select to manage your finances. Among the people you can trust should be your mother, spouse, children or your best friend.
Before you get comfortable with your situation to ensure that you apply for a bail bond since you will get time to organize things and hand over before you get to jail. Instead of making a phone call from jail to inform the financial institution of your jail term, when you get a bail bond you will be able to visit the institution and make the handover. Settling after conviction is usually hard because it will be hard for you to get a good job hence the need to safeguard your finances, read more about AA-Action Bail Bonds here.
Another crucial thing that you need to do is to find ways to help your family and your loved ones once you go to jail. Been jailed is considered as an embarrassment to the family hence the reason for most families to hind that fact to others. Share the details of your emergency fund in case you have any. Give consent to your spouse to access the joint account if they need finances to help them through. The purpose of this is to prove to your loved ones that you still care for them even when you are in jail.