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Collection Lawsuits & Default Judgments: Younger Generations May Be Stopped in Their Tracks Financially

woman stressed holding head on laptop

It may seem that the days of working for one company your whole life and then retiring at 65 with a gold watch are a thing of the past; however, as COVID-19 has swept through the US and the world, it seems much has and will continue to change. Not only have jobs changed or been eliminated, but the way we socialize, shop, go to school, travel, and more has been seriously affected. Unfortunately though, as illness threatens, so does extreme financial duress.

Older generations have been through more, have seen more, and have experienced the peaks—and valleys—with finances. The pandemic is a unique situation though, and obviously incredibly unfair as we must worry about serious illness along with losing our main streams of income.

“I think it will take some structural changes to the economy to help millennials,” said Manny Chagas, vice president of Discover Student Loans.

Most of the younger generations are taking a heavy hit financially, no matter their label, whether they are millennials, Gen X’ers or hailing from Gen Z. To make matters worse, their parents may have been drastically affected by unemployment or loss in investment funds, and unable to help like they might have expected before.

No matter how old you are, however, it is critical to get hold of debt issues before they escalate further. Consider making changes to your budget, cutting back when you can, and restructuring positively wherever possible. If you have already been served with a collection lawsuit, read over the information carefully and note how long you have to reply. It is highly recommended that you consult with an experienced collection lawsuit attorney to file an answer within the allotted amount of time, as well as discussing a defense. In many cases, a debt collection agency will back down simply due to the request to prove their standing to sue and provide all necessary documentation.

Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.

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