Q: I’m unemployed and will soon have to choose between paying the mortgage and paying my other debts. If the unemployment continues I’ll have to choose between feeding my family and paying any bills at all, including the mortgage. What can I do to preserve my credit score while I look for a job and get back on track?
A: There’s no one-size-fits-all strategy. Within the past month, we’ve had several clients mention that their credit scores took a huge hit when they applied for a mortgage modification (ultimately unsuccessful), and that they wish they’d just pursued bankruptcy in the first place.
It is impossible to give one-size-fits-all advice in a blog post. If you find yourself unable to pay your bills, consider a credit counseling or bankruptcy counseling session with a qualified legal advisor.