The world is in need of some good news, that’s for sure. COVID-19 has managed to break health systems, educational systems, financial systems, and has wrecked what most of us know as normal life. And while new political administrations are being put into place, millions are getting vaccinated, and Americans are trying to adjust to being at home a lot more—alarming numbers are unable to pay for rent or food.
With federal student loans and evictions continually being deferred since last year, there has been some relief, along with stimulus checks; however, for individuals who lost their jobs or had hours cut, there is a gaping hole representing missed paychecks. Losing a job is traumatic on its own, but for over 50 million people last year, jobs were lost amidst huge health concerns and little hope for getting careers back on track.
Recent data shows that unemployment rates are highest in lower-paying jobs, with around 25 million documented as having no jobs. Around 14 million adults are reporting that their children are not eating enough because there simply isn’t money to buy food, and around 6 to 7 million new households have applied for and are now getting SNAP benefits.
Bankruptcy filings and collection lawsuits are expected to climb as debts simply cannot be paid. This is a valid concern nationwide as households have been forced to use credit-card debt as an alternative form of income. While this is a great time to negotiate with creditors, if you have no income to back that up, there is little point. Speak with an attorney to discuss your best course of action for the future, answering to any pending collection lawsuits and fending off default judgments. This is important due to the massive financial headaches involved with wage garnishments, property seizure, and levying of bank 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 issues, bankruptcy, 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.