julianneiam.com

How many of us are struggling to pay off debts we have incurred in recent years? I cannot think of one person I know who does not have some form of debt that they are making installment payments on. What if someone bought a car, could make the payments on it when they took on the loan, but then got laid off after a few months of payments? This person struggles to make ends meet and eventually stops making the payments and decides to file bankruptcy. Now this record stays with them for 7-10 years, and they will find it hard to get a loan later on. However, if the US had something like IVA, a person would be able to make arrangements with the auto loan server and not take as bad a hit on his credit report. I think this is a win-win situation. Creditor gets their money, and the debtor has less on his record.