Debt Issues: Millions Affected Since 2020

woman with money, calculator and notepad

The repercussions of COVID-19 have rocked the world. And in the US, as the viral pandemic began to make itself known as a major threat, suddenly life as we knew it was shut down—literally. To make matters far, far worse, tens of millions of workers lost their jobs with very little notice. The devastation was noted on every level in terms of jobs, with some people losing careers they had worked decades for. Retirement funding was put on hold, and for some it was cashed out as a survival mechanism. Health insurance coverage was lost or substantially interrupted for millions at a time when it was needed most.

Debt problems began to amass quickly for many. While federal student loans were deferred for millions of eligible borrowers, private student loan borrowers were left in the cold. That has been an ongoing, very serious problem for those with private loans that in many cases may be for massive sums. In the face of no income, delinquencies and even defaults have been very valid concerns.

Medical debt has piled up for millions too, and while filing for bankruptcy is often considered the best way to deal with overwhelming bills due to illness or accidents, these days it is definitely a good idea to speak with an experienced medical debt attorney regarding the option of negotiating. This goes for other debts too; for instance, while credit cards may have remained on the back burner as emergency funds for many of Americans, and spending may have even declined during shutdowns and lockdowns due to COVID, with no other income to turn to, credit cards may serve as an unfortunate alternative form of ‘income,’ and one that expires quickly—with creditors and debt collection agencies expecting to be paid expediently.

If you are currently feeling mired in debt, speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. It may be possible to negotiate better terms with a creditor, and you could even be able to pay off entire sums at a discounted rate. If you are being sued, act immediately to avoid the possibility of a default judgment being granted against you. This is entirely possible if you receive a summons and lawsuit and do not reply or show up in court. Without any presence at all, you could be looking at a future of wage garnishing, loss of property to be sold at public auction, and even loss of control over your checking account.

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.

Categories: 
Related Posts
  • Collection Lawsuits and Debt Widespread due to Pandemic Read More
  • Collection Lawsuits due to Credit Card and Medical Debt Read More
  • Collection Lawsuit: Financial Headaches Increase Read More
/