Financial Abuse: How We Can Help You Regain Control

Financial abuse can be as destructive and devastating as physical or emotional abuse. Financial abuse occurs when one exerts control over financial resources that should be available to another party. Such control can leave a victim feeling powerless, trapped, and even incapable of making their own life choices. If you, or someone you know, is the victim of financial abuse, remember that there is always help available for victims to regain control and safeguard the victim’s financial security.  Financial abuse is very common and occurs regardless of the amount or types of assets that are or should be available.

What Is Financial Abuse?

Financial abuse is manipulation or control over one person’s finances by another, usually for the perpetrator’s own personal gain at the expense of the victim’s financial freedom. Common examples include withholding access to a banking account or income, forcing a person to turn over their paycheck, pressuring someone into debt, taking out loans in the individual’s name, controlling all financial decisions,  denying access to basics, refusing to give information or discuss financial transactions or draining someone’s savings or retirement accounts without permission.

Financial abuse can occur anywhere in a family environment, between intimate partners, or through a caregiver. Unfortunately, in most instances, either the victim is unaware of the abuse taking place or feels powerless to stop it.

What Can Be Done?

It is important to protect yourself first as to any access or control that you have to accounts or information. You should reset all your passwords. Save all financial information on a secure hard drive inaccessible by the abuser or forward it to another email you privately set up while erasing the original message. Use a reputable password manager the abuser cannot access. Obtain a copy of your tax returns. Ask a friend to be an authorized user on their credit card. Attempt to close any joint credit cards with a zero balance. You should also obtain a copy of your credit report to investigate whether someone is using credit in your own name.

At Moskowitz, we can assist you in seeking your legal protection by the issuance of restraining orders or financial injunctions to prevent further exploitation. If necessary, we can assist in the separation of joint accounts and in protecting your assets against further abuse.

If you have experienced financial harm due to the improper control or conduct of another, we are able to help you navigate the process of reclaiming stolen funds or property. This could involve submitting civil claims for damages, fraud, or embezzlement to recover what has been lost to you.

Many victims of financial abuse are left in a position where overwhelming debt is forced upon them. Our firm can negotiate with creditors, exploring legal options for debt relief such as bankruptcy to protect the rest of your assets and enable a way toward financial recovery.

Take Charge of Your Freedom

We want to do more than just represent you in court; we want to put you back in control of your money. With our resources and advice, you can begin to rebuild your credit and get back in charge of your bank account to start down the path to financial freedom.

If you feel that you may be a victim of financial abuse or need further advice on how to protect your assets, do not hesitate to contact us for a confidential consultation. We can help you take steps toward regaining control over your financial freedom and support you in moving forward confidently. Call now to discuss your situation.