23 July 2019
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Going to Jail? Here’s How to Limit the Damage to Your Personal Finances

Did you know that the cost of jail can be as high as $167,000 per prisoner?

 

Although taxpayers take a big hit funding jails nationwide, inmates face a lot of financial burdens as well. If you’re going to jail, keep reading to learn a few tips that can help you protect your money while you serve time.

 

I’m Going to Jail: What Should I Do First? Make a Few Phone Calls

 

When people get convicted, they don’t have much time to prepare for jail. Since your time is valuable, the first thing you should do is call any institutions who have your business.

 

Credit cards, banks, loan providers, and any other financial institutions need to know that you’re arrested. When they’re aware of the situation, they can help you avoid going into debt by missing payments. Many loan providers will allow you to defer payments since jail is an extreme circumstance.

 

Find Someone You Trust to Handle Your Accounts Before Going to Jail

 

Even if you can manage to inform all of your financial institutions about your jail time and reach an agreement, it’s still wise to entrust someone with your information.

 

You have to think carefully because this person could have enough knowledge to steal your identity. A spouse, family member, or best friend could be responsible enough to take care of your business while you’re in prison.

 

Consider Getting a Bail Bond

 

There are many benefits of bail. If you’re able to get out of prison on bail, you have more time to take care of your finances.

 

Many financial institutions require an in-person appointment to conduct business. Getting bail gives you the freedom to take care of personal affairs to better prepare for possible jail time.

 

Is your bail cost too expensive? AA-Action Bail Bonds are a great way to fund your bail without going into debt.

 

Ways to Protect Your Family When You Go to Jail

 

If you’re leaving behind a partner or children, taking care of them can be nearly impossible once you’re in jail. Thankfully, there are a few measures you can take to help them while you’re away.

 

Everyone should have an emergency fund. Jail is a perfect reason for your family to dip into those savings.

 

If you don’t have savings tucked away, you can open a joint account with your partner or another loved one so they always have access to your money.

 

Be sure to inform family members that they need to tell debt collectors that you’re in jail. Many people try to stay quiet and hope that collectors forget about them, but this doesn’t happen.

 

In order to protect your family from ongoing harassment, they need to disclose your location. This information could be enough to stop collectors in their tracks.

 

Want More Financial Tips?

 

Many people who’ve served time in prison have a hard time finding work once they’re free.

 

Going to jail shouldn’t follow you for the rest of your life. If you want an easy way to start making a living again, you should consider a telecommuting job. Check out these online jobs that allow you to be your own boss.

 

Going to Jail? Here's How to Reduce Your Financial Impact

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Gaurav Jain
Article by Gaurav Jain
Hey There! My name is Gaurav Jain, a full time affiliate marketer since 2007. The reason for starting eMoneyIndeed.Com blog is to help you Save & Make Money Online. I write about Blogging, Online Marketing, Webhosting, SEO, Affiliate Marketing, Startups, Social Media, Email Marketing and more. Hope you enjoy the posts on eMoneyIndeed.com

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