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. Remember while in jail there is no way you can control whats 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. The following are some of the tips that will help a convict manage their finances .
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. If you authorize your attorney they can help you by presenting information to your financial institution that you have been jailed hence discontinue all the arrangements until you are free. 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. You need this person even when you have informed all your financial institutions that you are jailed since they will be able to keep track of your accounts. Do not choose a person you doubt or who have dubious ways since you give them access to your account and can do anything they want with the account. Among the people you can trust should be your mother, spouse, children or your best friend.
Its good to ensure that you apply for a bail bond before been fully convicted since you will have time to make a financial plan before you get jailed. Most financial institution requires you to make physical arrangements unlike when you make a phone call to inform them of the changes you make on who to manage your account. Remember you need to ensure that you keep safe your finances since its difficult for ex-convicts to get a job.
You need to worry about your family and loved ones and how they will survive all through the jail term. Most families hide the fact that you are jailed to friends and the financial institutions. Share the details of your emergency fund in case you have any. The other thing that you should do is to allow your spouse to access the joint account. The purpose of this is to prove to your loved ones that you still care for them even when you are in jail.