“Americans are going bankrupt in record-breaking numbers. Around 65% of filings are Chapter 7 which is the walk away filing versus the repayment plan filings referred to as Chapter 11 or 13. Around 85% of the Chapter 7 filings are categorized as no assets cases. This means the people have nothing”, says a law firm.

According to the American Bankruptcy Institute, “Consumer Bankruptcies jumped 32% in 2009 from the previous year reaching to 1.4 million in 2009”. In whatever words they may say, one thing is clear, that for an average American financial stability is not actually stable. Adding more trouble to a financially troubled American, the auto loan affects the mortgage loan and other loans. In this case, how would an American save his Car, his house and other assets?

“Loan modification would be a best choice,” Providers of this service will work with your current lender, acting as a trusted third party and a valuable “buffer” between parties involved.

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