Debt & Collection Lawsuits: Americans Still Recovering

man and women with desk covered in paper work, calculator and laptop

Americans are in recovery mode after the devastation caused to the health of so many, and unfortunately, the repercussions stretched to finances too. Unemployment was a harsh reality, and an abrupt one too as tens of millions lost their jobs and began a sudden battle to adapt to what was constantly referred to as a ‘new normal.’ COVID restrictions, while meant to preserve the health of so many, put unprecedented pressure on individuals and businesses too, forcing many into filing for bankruptcy as well as closing up their doors either temporarily or permanently in commercial areas.

If you were struggling with debt before 2020, you may have received a brief respite on student loans. Although federal student loan borrowers were given over a year in deferments, as time has gone on, private student loan servers really began to jump on the bandwagon in helping too. Creditors and debt collectors were hushed, and evictions on moratoriums were put in place through at least half of 2021.

As some job markets begin to look positive again and the nation focuses on recovery, many individuals may still be worried about consequences from pre-COVID debts, as well as those incurred during the viral pandemic. While recent news shows that most Americans are beginning to have a better outlook financially, over half still say that they are worried about issues like getting back to funding their retirement. While 44 percent expect it to take some time to recover, one in ten say that they do not think they will ever recover financially.

“Looking ahead, about half of non-retired adults (51%) say the economic impact of the coronavirus outbreak will make achieving their long-term financial goals harder. Just 7% say the economic impact of the pandemic will make it easier and 41% say it’ll be neither easier nor harder for them to achieve their financial goals in the long run,” states data from a recent Pew Research study.

“Among those in households that experienced job or wage loss since the outbreak began, 62% say the economic impact of the pandemic will make it harder for them to achieve their financial goals, compared with four-in-ten of those who haven’t had these experiences.”

If you are currently being sued, it is more important than ever to reach out for expert legal advice from a debt protection lawyer or collection lawsuit attorney. This is important for multiple reasons, but especially because ultimately you do not want to be worrying about having your wages garnished, losing control of your checking account, or having valuable personal property seized and sold off at private auction.

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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