You may be hard-pressed to find anyone who wasn’t affected by COVID-19. Unfortunately, millions were affected physically, falling ill with the coronavirus—and with hundreds of thousands passing away. This left many loved ones behind mourning, as well as trying to figure out how to deal with the financial fall-out of COVID as well as medical bills and other challenging issues that don’t just fall away as the threat of a germ diminishes.
Even before COVID, consumer and household debt were at historical highs. And while lenders were continuing to lend and borrowers were continuing to take out new accounts and spend, all seemed relatively okay with the economy despite red flags beginning to concern some financial analysts. No one could have foreseen the challenges ahead though; in fact, most Americans were shocked to find themselves in the midst of restrictions, shutdowns—and eventually, complete lockdowns of entire areas.
How to pay student loans became one of the biggest concerns for many, along with all the other most basic bills like the mortgage and rent. If you were one of the tens of millions of people in the US who lost their job abruptly—or had hours cut substantially—you may have also found yourself looking out the window at your car and wondering how long it would be there. While threats like eviction and repossession were stayed for quite some time, at this point, most lenders are back on track with aggressive collection activities.
Not surprisingly, auto repossessions did rise after COVID-19, making life even more difficult—and hitting consumers hard in one of the most important and necessary areas of life in terms of personal transportation. For most people, that wasn’t the only pressing bill either with foreclosures looming, months and months of back-rent due, credit card debt, continually escalating medical debt, and more.
While millions of federal student loan borrowers may have experienced deferments for almost a year and a half, most other lenders are in no way required to give deferments. Many auto financing companies have been sympathetic and obliging in the face of delinquencies, some have not, with the incidences of repossessions continuing to rise.
If you are worried about having your car repossessed, or other delinquencies too, speak with an experienced auto debt attorney as soon as possible to avoid further issues like default judgments.
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 firstname.lastname@example.org.