Financial advice for bi-polar individuals Chapel Hill NC

Money can’t buy happiness, but excessive debt can purchase a warehouse full of misery that visits almost everyone who suffers from bipolar disorder. Expenses stemming from missed work, medical costs, and therapy quickly add up. Roll in the cost of that Lamborghini you purchased during your last manic episode, and you have all the makings of a financial Molotov cocktail.

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Solving financial problems

Facing your financial problems and solving them require determination, discipline, and at least a few of the following techniques and tips:

Budgeting: List your sources of income and your expenses so you know how much money is coming in, how much is going out, and where it’s going. When you get organized, start cutting expenses.

Limiting credit card use: Cut up your credit cards, or at least most of them. Call your credit card companies, and lower your credit limit. Allow a friend or relative to take your credit cards, debit card, and checkbook when you begin to cycle.

Consolidating debt: You may be able to roll all your personal debt into a single account so you have only one payment to make per month. However, depending on your situation and the debt consolidation company you use, this may cost you more in the long run.

Before you choose a debt consolidation company or credit counselor, ask your bank, credit union, family, and friends for referrals. Many companies, even those that advertise as not-for-profit, charge exorbitant fees. For more information about finding legitimate organizations, check out the Federal Trade Commission’s Web site at www.ftc.gov/bcp/conline/ pubs/credit/fiscal.htm.

Finding affordable healthcare:

Filing Chapter 7 bankruptcy: With Chapter 7 bankruptcy, the government takes most of your belongings, except for exempt property (such as your pension), which varies from state to state. It sells your stuff, divides the money up among the people you owe, and then forgives you any remaining debt. You can file Chapter 7 bankruptcy only once every six years.

Filing Chapter 13 bankruptcy: Chapter 13 bankruptcy generally lets you keep your home and car, assuming you can make the monthly payments. The state requires you to pay monthly installments to pay off a reasonable portion of your debt over a three- to five-year period, after which any remaining debt is forgiven.

Bankruptcy remains on your record for up to 10 years, fouling up your credit rating and making it difficult to secure loans.

Handing over your finances

In extreme cases, you can relinquish control of your finances and other important matters to a trusting friend or relative through the courts:

Power of attorney allows a friend or relative to make legal and financial decisions for you when you’re physically or mentally incapacitated.

Legal guardianship enables a relative to act as your guardian, making that person responsible for your health and well-being.

Financial guardianship: If you’ve had many manic episodes and are left with limited resources that must last the rest of your life, you may be able to seek financial guardianship. Some financial institutions will create guardianships for people with illnesses even if they don’t meet the institution’s usual minimum for such services.

Giving a trusted relative power of attorney or legal guardianship strips you of much of your freedom and legal rights and can often lead to bitter feelings. Make the decision only when your moods are stable, and choose a person whom you completely trust to do what’s best for you.

provided by:

For Dummies is a registered trademark of Wiley Publishing, Inc. in the United States and other countries. Used here by license.

Featured Local Company

Athletic Performance Center

919-876-1100
2400 Sumner Blvd
Raleigh, NC

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