The economy is certainly not treating everyone kindly. Yes, they say we’re in recovery, and yes, they say we’re on the way to better days, but paychecks these days certainly aren’t showing it, are they? Unfortunately, many people are still falling into foreclosure, and the misfortune is not discriminatory, affecting all social classes and ethnicities.
You may be asking what you should do if such misfortune befalls you. The future of your home residence could be at stake – the whole life you have built to this point may rest on the next important decisions you make. How do you compensate? How do you recover? How do you minimize the effect on your family and future? There are several suggestions that you can try – some drastic, some not – in order to come through these very unpleasant circumstances somewhat clean. Here are a few.
Change your Industry
You can change your career without changing your vocation. If you’re an engineer, you can switch industries. The same holds true if you are a tradesman, a sale executive, an accountant, or a business manager. Certain industries are teeming with opportunity, and they will gladly pay you a hiring bonus and generous salary to relocate for them. For instance, the Bakken oil area in North Dakota has been recruiting executives and laborers alike from virtually every industry across the country, and it is showing no signs of letting up any time soon. New housing and short-term housing is springing up everywhere, as well as new jobs and businesses.
Go to School
If you have not completed your undergrad, you can apply as a general student regardless of your age. If you can’t receive enough grants to cover all of your fees, you can obtain very low interest loans to cover the rest, AND you can borrow extra to live on at the same rate. You may defer these loans until after you have completed your degree, even if you finish one program and start new one. Conceivably, as long as you are enrolled as a full-time student, you could stay in school for decades, jumping from program to program without having to pay the loans back. (That’s highly inadvisable, but you get my point.)
Go BACK to School
If you have completed your undergrad, consider grad programs in areas similar to those in which you wish to work. These programs will make you more marketable in comparison to the vast majority of the workforce without an advanced degree. Translation: you’ll be worth more money. Graduate programs often provide you work experience, supplying you with the credentials you will need to enter into your new field above entry-level. Most grad programs will also offer you either full fellowship or an assistantship that will pay your tuition in addition to a stipend to live on while you are enrolled. It’s worth researching.
Bankruptcy
Bankruptcy laws have changed recently, so a few deft maneuvers will not cut it anymore. The laws are different in each state, as well. If you have experienced bankruptcy in California, don’t assume the bankrupcty laws in North Dakota are going to be the same. The best thing for you to do if you’re facing foreclosure is to consult a bankruptcy attorney as soon as possible. For a fee, he will save your house and home. While in bankruptcy, your assets cannot be seized; although, there are exceptions to every rule (hence the advice to consult an attorney). Be warned that this is not a short-term fix. Be prepared to put any and all plans on hold for the next 7 to 10 years. Use bankruptcy only as a last resort.
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Paul Moore works with a company in the booming area of North Dakota, providing housing for corporations coming into the area.
