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    dawndawn911's Avatar
    dawndawn911 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 9, 2009, 12:43 PM
    Just Laid Off
    40 yr old, single mom, 13-yr old child. Just laid off. Was making $57K/year, now $0. Freaking out. Will begin collecting $400/week unemployment effective 5-1, but I have $3300/month expenses. What should I stop paying first? I heard "credit cards" and "mortgage" first, but continue to pay car payment. Correct? Should I cash out my 401K? Only $10K in there, but it would definitely assist me for 3-4 months if I remain unemployed. PLEASE HELP... SUGGESTIONS GREATLY NEEDED/APPRECIATED!!
    Justwantfair's Avatar
    Justwantfair Posts: 3,422, Reputation: 944
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    #2

    Apr 9, 2009, 12:46 PM

    $3300 in monthly expenses, but you aren't sitting with any cash on hand?

    Start by looking at your budget, what can be cut/reduced? Evaluate your wants vs. needs. Calling your creditors and discussing your options is a first step.
    dawndawn911's Avatar
    dawndawn911 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 9, 2009, 12:52 PM

    I know. Expenses suck! $1400 mortgage, $175 HOA, $300 car, $700 loans, utilities $150, food $250, car insurance, health insurance, etc... I've already talked to a credit counselor and there is no where to cut back... considering bankruptcy??
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