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The Magic of Veitengruber Law

On Behalf of Veitengruber Law | Oct 28,2021

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As a follow-up to our blog post we shared yesterday, I think most of us realize that there are some substantial debt problems following the pandemic. Not that the pandemic is truly over yet - it's not! But, my hopeful self wants to believe we are definitely on the upswing.

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All of the reduced income, job loss, business closures, supply-chain issues, illness, death, and more caused directly or indirectly by COVID-19 have now acted like a set of dominoes, and what we're left with is, in a word, DEBT.

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Mortgage debt, unpaid rent, late utility payments, child support arrears, delinquent personal loans, maxed out credit cards - the list goes on and on but the bottom line is that the American people are deeply in debt right now. What happens next will undoubtedly become a pivotal and unforgettable moment in US economic history.

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My thoughts on an across-the-board debt cancellation: it's problematic. In theory of course it's fantastic: it's a fantasy. Academic grandstanding, as I've heard it referred to. The risk of seriously undermining our currency is high.

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If we take a look at the COVID relief programs the government has already rolled out: mortgage moratoriums, stimulus payments, forbidding landlords from evicting tenants for non-payment of rent, increased unemployment checks plus bonus COVID payments of up to $600/week, unemployment pay to those who would ordinarily be ineligible for benefits...in a sense, the CARES Act has been a Mini Debt Jubilee.

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The bottom line as I see it is that the government is not likely to wipe everyone's debt clean. Hoping and wishing and praying for this to happen is energy that could be better spent taking action to right your financial situation before it has a chance to completely tank. By taking advantage of the assistance that IS being offered as well as my help, you will have very little problem getting your debt under control and keeping your home as long as you act now.

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A full-scale debt wipeout? I just don't see it on the horizon. What I do see is every client who reaches out to me getting a better night's sleep that night because we gave them a plan of action to get their bank accounts right side up again.

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If you've been crossing your fingers for a debt jubilee, call me. I may not have a magic wand, but you don't need magic when you've got Veitengruber Law.

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