Massive Debt After 2020: You are Not Alone

Elderly couple looking over bills

Elderly couple looking over bills

As the coronavirus pandemic geared up in the spring of 2020, the world as a whole turned its attention to serious health issues. Few could have realized in the beginning how everything would turn upside down. For individuals who became sick or had loved ones who became infected, it quickly became apparent that while the health of so many was in jeopardy, so were the finances of nearly everyone.

Unemployment ensued, along with loss of hours for those who did not lose their jobs or careers that had been long fought-for over decades. Health insurance was interrupted or lost altogether for millions of Americans at the absolute worst time possible. Medical debt began to pile up and escalate quickly, and this trend has continued into the following year. Even in the midst of vaccines rolling out for all, variants have continued to cause huge complications, further sickness, hospitalizations, and even death. Sadly, financial problems accompany medical problems—compounding the stress of being ill or trying to caretake for those who are.

The reality is that many types of debt have continued to accumulate. Not surprisingly, student loan debt was at the forefront of worries, nationwide. As the government stepped in to offer deferments via The Cares Act, not all federal student loan borrowers were ineligible, but worse, no private student loan borrowers were able to take advantage of such long respites.

No matter what type of debt you are worried about right now, before you jump straight into filing for bankruptcy or choosing another option, speak with an experienced attorney about what your best plan is for the future.

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 tel: (844) 431-3851, or email us at info@debtorprotectors.com.

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