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Debt and Collection Lawsuits: Finances Become Even More Difficult for Baby Boomers

older man on laptop

Spring of 2020 brought incredible devastation to the world. As millions succumbed to sickness, as well as deep financial strife, the future was one big question mark. If you were in debt previously to the onslaught of the coronavirus, things may have suddenly been put into much deeper perspective as worries about just surviving took over due to illness, caretaking responsibilities, unemployment, loss of health insurance, and more.

For most Americans, however, there was still no escaping the debt precipitating COVID-19 and all the difficulties it brought. There were respites for many as debt collection agencies were hushed for months and moratoriums were placed on evictions. Along with that federal student loans were put on hold for an extended amount of time; however, private student loan borrowers were left with few options for help, aside from some random problems offering minimal help in comparison to the many, many months being offered to federal student loan borrowers.

Baby boomers were already experiencing struggles due to the need to work, yet struggling with ageism and other issues related to growing toward what is typically considered retirement age.

“COVID-19 made the problem a lot worse. Nearly 900,000 Americans between the ages of 60 and 69 lost their jobs between December 2019 and December 2020, according to the Bureau of Labor Statistics, a 5% decline in the number of employed people in that age group,” stated data in a recent Marketwatch article.

For many, medical debt became an overpowering issue. The millions who became suddenly unemployed also lost health insurance—and even for Americans with health insurance, serious illness was not completely covered. For the Baby Boomer crowd, however, becoming unemployed or losing hours at work, may continue to be a challenge due to ageism in the workplace.

If you are concerned about debts incurred due to COVID, speak with an attorney as soon as possible, and especially if you are worried about being sued or have already received a summons and complaint. Without any attention to such legal matters, you could find yourself dealing with a default judgment, leading to much worse financial woes like wage garnishing up to 25 percent of your disposable income, loss of personal property, and even loss of control over financial accounts.

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 issuesbankruptcy, 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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