Workouts do not allow for many important financial and lifestyle expenses.

Surprise, many commitments you have made will not be tolerated in a workout, be prepared to make some difficult adjustments.

The most blatant example of commitments made that must be undone to conclude a favorable workout, is the tithe.

Despite religious convictions, and personal beliefs, no matter how strongly felt, is routinely and automatically rejected in a workout negotiation. In fact if you do tithe, be prepared to apply that amount to debt reduction unless handled beforehand.

Another favorite hunting ground for creditors and problems for the unaware are college or private school funding plans. Especially with your name on it and even if held in trust for your children, a huge problem for the unwary.

Day care, another usually large expenditure and not considered essential thus the funds utilized for such matters are deemed appropriate for the creditors.

Country clubs dues, gold club dues and fees, forget it.

Automatic disbursements or planned distributions to a 401k, an IRA, or other retirement plans, forget it.

In fact even IRA’s in many states are not as protected as everyone believes. Check out our post which lists all the IRA rules of protection for each state.

Care accounts for the elderly or infirmed, depending upon how they are set up are dangerous ground ripe for disappointment for the defaulting borrower.

Workouts like so many matters must be handled by experts who can help you successfully navigate these tricky waters. Doing this on your own is very dangerous. You will learn a lot, and it will cost you more.

Call us for a no obligation teleconference, Norm will set it up for us to review your issues and provide a plan that will maximize your results, 413-584-2581.