It’s difficult to find anyone who wasn’t struck by 2020 in at least one challenging way. As both COVID-19 and unemployment raged throughout the US like an unexpected—and extremely threatening—wildfire, individuals on every economic level were impacted; after all, the coronavirus was not choosy about who it infected, and businesses from the top tier to the small “mom and pops” were left with no choice but to close temporarily (which for far too many ended up being a permanent status, unfortunately).
Millions of employees were suddenly cut loose, and especially in the service industry. For far too many Americans also, this eventually meant loss of health insurance and other benefits they were relying on. Retirement funds were left behind, and the economy began to falter as consumers had to tighten up like never before.
It goes without saying that dealing with health issues and mourning family or friends who lost the battle with COVID-19 has come first for millions of US citizens. It takes money to survive though, and for thousands of consumers, this meant using credit cards to take up the slack in lieu of little to no income. You may have been one of the many credit card holders who was saving those available balances for a rainy day, a vacation, or an emergency—but suddenly, was left with no choice but to start using them to pay essential bills, as well as covering medical expenses.
Medical expenses can easily drain you dry of your financial resources and using credit cards for co-pays, procedures, and prescriptions could be helpful at first, but it is a well that evaporates almost in the blink of an eye. And then, of course, creditors expect to be paid back quickly too. If you are worried about credit card delinquencies, speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible. While filing for bankruptcy is often the only solution for dealing with exorbitant medical expenses, a skilled attorney can explain a variety of options open to you. It is critical to act one way or the other, beginning with answering the lawsuit.
You might be surprised to find out that a large percentage of people being sued over delinquencies like credit cards simply ignore the impending lawsuits. This is not a good idea, however, as it could lead to your paychecks being garnished (meaning that your employer sends up to 25 percent of your disposable income to the creditor each pay period) or assets being seized to be sold at public auction. Checking accounts may suddenly be frozen too. Even worse, these actions could be taken against you for as long as 20 years, until the debts are satisfied. That means that even if you don’t have a job now, or anything to take, things could change a lot over two decades.
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.