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Collection Lawsuits May Increase as US Experiences Unemployment Worse Than Great Recession

unemployment
  • Jun 29 2020

One of the most difficult parts of being in debt is dealing with the unknown. You may wonder what your future holds, wonder how you will be affected by ongoing delinquencies, repercussions of potential defaults, and more. With the onset of the coronavirus pandemic, however, the unknown is suddenly vast for millions of citizens in the US, spanning health issues, communication and social habits, and employment and finances.

While there may be some instances in life where individuals are laid off or fired with absolutely no warning, most of us have an inkling that we might be headed into financial turmoil—or at least have a choice in how we deal with our careers and money. Virtually no preparation was allowed as countries, states, and cities began to shut down, jobs were lost, and far too many have continued to fall ill and even die.

Financial recovery could be long-term for the millions who are currently unemployed. Recent news shows statistics reflecting the jolt felt nationwide as comfortably low unemployment rates of 3.8 percent shot up to 13 percent in May. Women are experiencing significantly higher rates of unemployment (at 14.3 percent) than men (at 11.9 percent), with Hispanic women being notably more affected.

Many debt collectors were restricted from pursuing action up until now, but as you begin hearing from both debt collectors and collections agencies again, you may worry that you are in peril of being served a collections lawsuit. If so, do not go it alone! This is the time to consult with an experienced debt protection attorney who can steer you in the right direction whether you must reply to a lawsuit, negotiate with a creditor, or explore debt management strategies.

With the help of a skilled debt protection attorney you can work on deferring bills—including student loans—reorganize payment schedules, and even pay off some debts if possible with heavily discounted lump sums. While filing for bankruptcy may be the best choice for some, in other cases you may want to speak with your attorney about replying to and defending a collection lawsuit or fighting a default judgment with a motion to vacate.

Contact Fitzgerald & Campbell, APLC now. Let us review your case and discuss what would work best for you. We are here to help! Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Click here to schedule a free 30-minute consultation, or call us at (855) 709-5788, or email us at info@debtorprotectors.com.

 

Posted in: Collections lawsuit