Auto Debt is a Major Concern for Many Consumers after COVID

As millions of people fell ill in the US due to the coronavirus, and hundreds of thousands of lives were lost, financial issues were immediately pushed to the forefront at a time when such additional stress was certainly not welcome. While consumer and household debt had risen to historical highs previous to the onset of COVID-19 in the US, no one could have fathomed what was ahead.

Issues like student loan debt were addressed almost immediately—with millions of federal student loan borrowers being catered to for extended deferments all the way through January of 2022 through The Cares Act, and relatively nothing for private student loan borrowers. Still though, US citizens were left to deal with massive unemployment unlike anything most had ever dealt with before, and all the usual bills. Auto debt has been of enormous concern for millions of Americans hoping to avoid another financial low blow added issues like defaults and repossessions in an area where there is no federal regulation to encourage large-scale help for consumers. This has been especially true for subprime accounts.

If you are currently worried about the status of your auto loan and delinquencies or possible repossessions, contact an experienced auto loan debt attorney from Fitzgerald & Campbell, APLC now for help in exploring your options. While filing for bankruptcy could be a way to stave off a repossession (or foreclosure), today’s financial climate is extremely ripe for negotiating with creditors. While your attorney can help you decide what is best for navigating your financial future, consider the idea of reaching out to the auto finance company for a possible pause on payments, reorganization of your loan and interest, or a total payoff at a discounted rate.

If you are already being sued, there should be an even much greater sense of urgency in speaking with a lawyer. First, it is critical to make sure you answer the lawsuit within 20 to 30 days normally, and begin outlining a suitable defense. Acting quickly could mean the difference between seeing debts handled, or dealing with a default judgment that brings on wage garnishments, seizure of property, and loss of control of 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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