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How Prepared Are You For a Government Default?

If the government can not work out an agreement on the debt ceiling issues facing the nation, there will be serious repercussions for families dependent on the financial assistance of the federal government who are still burdened by the shaky economy.

If you are one of the millions that receive federal aid in the form of food stamps or housing assistance or if you are a federal worker who is on the government payroll, understand there may not be enough money to send out checks as usual when August comes. The government is at a serious impasse and there is no specific outlook being predicted about what will happen to the nation if the Treasury can’t send its checks.

But what about you? If you are receiving federal aid, have you considered what you would do if your debt ceiling came crashing down? It may be hard enough to make ends meet on the Social Security benefits you are receiving but without those benefits you may not even stretch your cash that far.

While there was not much notice about this particular event should it come to pass, it is not too late for American’s dependent on government help to start planning for the worse. Since it is a national crisis, there may be options from creditors and other industries that have a back up plan in place to help people through a temporary financial crisis. It is important for you to stay in touch with your creditors rather than run from your obligations.

It is also important to cease unnecessary spending and deposit more into the savings account rather than into the merchant’s pockets. There is no indication of how long this immediate crisis will last so it is best to plan for the long-term and build a financial security blanket to make your limited income work.

 

If you receive Social Security benefits and have questions about what this potential financial disaster might do to your situation, contact our experienced legal team toll free at 855-614-4351 or use our online contact form. The more you know, the better prepared you can be for the worst.

 

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