Are you worried about not being able to take care of your family’s needs due to lack of income and overwhelming debt during this current pandemic? No one ever wants to be in this situation, but this is the sad reality that a lot of people are facing right now.
With the pandemic causing massive layoffs and shutting down businesses, people who were already struggling with debt before the lock down are in an even worse situation because they barely have enough income to pay for basic needs (assuming they are even getting some type of assistance such as unemployment benefits), let alone pay their debts. Although lenders may be allowing some temporary suspension of payments during this crisis, it is just a matter of time before all the missed payments become due.
If you already had a lot of collection actions against you before the pandemic even began, there’s been a lot of talk going on lately about some bill collectors getting more aggressive in trying to get whatever financial help you can get from the government. That includes going after that stimulus check you get from the IRS, unemployment benefits, or whatever funds you may still have in your bank account that is meant for living expenses. This is, of course, heartless and ruthless considering the extreme financial hardship that a lot of people are experiencing. But to some bill collectors, apparently, it’s business as usual and don’t care about your personal financial needs.
If you have creditors that have quick remedies (example: a lender who can foreclose on your home or a bank who can repo your car for the missed payments), don’t bury your head in the sand and do nothing, or you may be caught totally unprepared for the consequences. I am saying this so that you can at least find out what your options are before it’s too late. Call your mortgage company or other creditors and let them know if your income has been affected by the virus and make sure that everything is well-document.
How long the crisis will last, no one really knows. I realize there is only so much that is within your control. But you should at least try to have a plan in place over the next few months until we have a clearer picture of the new reality we are all facing.
(Nothing herein is intended to give legal advice for any specific situation. Ray is currently offering free phone consultations to discuss your personal situation. You can call his Valencia office (RJB Law) at 866-477-7772 or (661) 775-4880. Website: www.familyfinancelawyer.com)