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Tips On How to Safeguard Your Finances When Going to Jail

Normally its hard for people who are convicted to manage their finances while in jail. This is because while you are in jail, you do not have access and control of what happening on the outside world. 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. Once you are put in jail below is a guide on how to manage your resources while still there.

The very first thing that you should do is to inform all your financial institutions of what has befallen you. If its not possible, inform your lawyer to make the calls for you otherwise, the institutions will carry on with the arrangement. Most of the institutions need proof that you are serving a jail term and not defaulting to pay.

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. 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. In most cases, most of the trusted people include your mother, spouse, children and even a friend you have been with all through-out.

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. 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.

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. Most families hide the fact that you are jailed to friends and the financial institutions. If you have an emergency fund inform and authorize your loved ones to access it when things get tough. Its also good to authorize them to access the joint account without your presence since they need the finances to keep on with life. When you do this, you assure your family members that you still care even when you are away from them.

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