Many Americans are facing the toughest economic conditions they have ever seen. With jobs scarce, many people have realized that they may not be able to weather these tough times. As a result, fears over foreclosure have certainly increased as economic improvement has been slow to arrive. With a troubled housing market, bankruptcy may be a more reasonable option for some Americans than going through foreclosure.
For more information on bankruptcy and how it can help you avoid foreclosure, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.
Foreclosure, Debt, and American Homeowners
Bankruptcy works for many homeowners as a means to not only avoid foreclosure proceedings, but to also deal with the root cause of their financial problems. Consider some of the following statistics on foreclosure and debt among American homeowners:
About 250,000 homeowners face foreclosure on an annual basis
Roughly 1 out of every 200 houses will be foreclosed on
43% of American households spend more than their income allows
52% of employees consider themselves living paycheck-to-paycheck
These figures, provided by the Mortgage Bankers Association, Homeownership Preservation Foundation, and a MetLife benefits study, illustrate a major crisis among American homeowners. Fortunately, when debt and other financial problems become overwhelming, bankruptcy can provide a viable solution.
If you are facing foreclosure, bankruptcy may provide a solid way for you to keep your home while you work through your debt. For more information regarding bankruptcy and how it may be able to help you, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.