Life is tough, and it’s tougher when circumstances attack. Unemployment, unexpected medical bills, student loan repayments, or accidents can happen at any time, and can cause you to fall behind on your financial obligations. If something like this happens to you, you’ll undoubtedly want to repair your finances before you lose your home or other valuable property. These are the first six things you should do:

1. Look carefully at the cause of your debts. What is really causing your inability to pay your debts? There may be something you can do about that, perhaps take a second job or apply for assistance. Especially in the case of student loans there are many different avenues to acquire government or other assistance. You should also take a look at your spending habits, and make sure there is nothing to fix there.

2. Talk with your Lender. Remember, the bank never wants your property; it is worth far more to you than it is to them. The person who is in the best position to give you some sort of help is your lender. You should come clean with the causes of your debt and inability to repay, and then see if they can offer you a debt repayment plan or some other form of bankruptcy alternative.

3. Pay your overdue bills. You want to relieve yourself of your highest interest first. You should also pay down credit card debts if you can. This will serve a few purposes: it saves you money on your high interest bills; it gives you the confidence to know that you can take care of your debts; it lets your lender know that you are capable of and willing to pay down your debts.

4. Get debt educated. There is a whole host of rights and programs offered by the government to help those in financial trouble. Right now you should visit the FTC website and read the Fair Debt Collection Act. It gives people a whole host of rights, including freedom from much of the harassment that you may currently be experiencing.

5. Talk to a debt counselor and then do your research. Many states offer free debt counselors or debt counseling services. They will help you schedule a payment plan and get your current finances under control. Begin to research several companies who offer debt resettlement products- and check out several. You wouldn’t buy a sandwhich without considering several menu items, don’t make huge financial decisions without doing the same.

6. Watch out for scams. Unfortunately, there are thousands of people trying to take advantage of those who are struggling. Don’t let yourself be fooled. Whatever you do, don’t sign your property over to a third party; they’re trying to steal your home.

Remember, all is not lost. Whatever happens, you’ll be free and clear in a few years.

Are you in financial trouble and looking for the best advice? We’re here to provide free, high-quality information to you. Don’t make any deals with your lenders until you’ve educated yourself. We will show you how to find the best debt management strategy for you.