COVID-19 woes could cause untold numbers of Americans to struggle financially for years to come. Although the economy seems to be on the upswing and many businesses are back to normal and hiring, that does not mean that debt is magically disappearing for millions of individuals who were not only worried about issues like student loan debt and credit card debt before COVID-19 struck, but may now be further burdened with money problems they may never have imagined.
Whether you or a family member were sick with the coronavirus, the medical debt associated with such an illness can be enormous—especially if it was a serious case or if a ventilator was required. Like millions of others, you may have lost your job, and eventually your health insurance too. Recent news shows that many have problems paying medical bills whether they have insurance of not; in fact over a third of insured adults are having trouble with medical debt.
A recent study polled both insured and uninsured adult regarding repercussions after COVID-19 struck:
“They suffered ruined credit ratings. They were unable to afford basic life necessities like food, heat or their rent,” said Dr. Sara Collins, Commonwealth Fund’s vice president for health care coverage, access and tracking.
Another study showed that after COVID, analysis of almost 20 million Americans showed debt of $45 billion in medical debt. Uninsured rates were highest for low-income households as well as ethnicities. Currently, the numbers showed also that 67 percent of workers were able to find insurance again, although over 50 percent did not have coverage for a time period of three or less months.
If you are worried about delinquencies regarding medical debt, speak with an attorney as soon as possible. This is even more important if you are being sued. If you have already received a summons and complaint for a collection lawsuit from a medical creditor—or any other creditor—prepare to deal with the problem sooner rather than later. Even if you feel like you don’t have anything to lose right now, that certainly may not be true in 20 years, which is exactly how long a default judgment could be good for in California.
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.