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. This is because while you are in jail, you do not have access and control of what happening on the outside world. This is a serious problem because if you do not inform your bank and financial managers of the predicament, then institutions will continue with the arrangement. Once you are put in jail below is a guide on how to manage your resources while still there.
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 its not possible, inform your lawyer to make the calls for you otherwise, the institutions will carry on with the arrangement. You are required to provide details of your jail term to your creditors since some people will fake jail to evade paying their dues.
Look for a confidant to help manage your finances when you are 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.
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. This is necessary since in most cases the financial institutions require you to make appointments required before you go to jail unlike making a phone call. 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. If you have an emergency fund inform and authorize your loved ones to access it when things get tough. 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.