Massive Wave of Collections Lawsuits Expected Post COVID
Unfortunately, health issues and money problems tend to go hand in hand. And as you may know, there is nothing worse than trying to get over a serious illness or injury while you are worrying about your finances. Additional stress is the last thing you need at that time!
Medical bills historically have been the number one reason that citizens in the US file for bankruptcy though. And while this long-time trend may continue, complications caused by COVID-19 could mean that sudden and completely unexpected unemployment are also the catalyst for a flood of bankruptcy filings, whether personal or business. If you are worried about how to satisfy a long list of debts, now with little to no income, consult with a skilled debt protection attorney regarding your options. You may be surprised to learn that you have other choices for bringing closure to debt, and especially these days as creditors are more open to negotiating in hopes of actually seeing debts satisfied.
Just as another wave of COVID-19 is expected to hit the US, financial impacts are not over, and serious money troubles are just being felt now by all too many individuals as budgets at work continue to be cut. Creditors and debt collection agencies are watching the bottom line just like everyone else, and for the most part, they are now “back in business,” meaning that phone calls and letters are being amped back up—along with the dreaded collections lawsuits.
Even if you consider your credit to be harmed beyond repair (in most cases that is proven not to be true), ignoring a collections lawsuit is usually not in your best interest. If you have lost your job, have little property, and virtually nothing left to lose, this may be hard to believe; however, collections lawsuits are often just one step away from default judgments, and especially if you do not respond. The default judgment could then haunt you for 20 years as the first one is granted for ten years, and after that, if the debt has not been satisfied, the creditor can petition the court to have it extended for another ten. These are not problems that you want following you around indefinitely, so act quickly and take control of your future.
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 firstname.lastname@example.org.
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