Now with gas prices high many American Consumers....may find themselves with No Equity....and HIGH DEBT on a car that they can't afford to drive.
There is the real chance of DEFAULTS on Car Notes where people simply WALK AWAY FROM THEIR CARS, LIKE MANY PEOPLE ARE EXPECTING WITH THE HOUSING BUBBLE.....
Of course there will be re-sales and deficiency judgments issues....but NOW those judgements will be non-dischargeable in Bankruptcy...unless the person quits their jobs to reduce income enough to qualify for Chapter 7.
THE GREAT UNWINDING OF THE DEBT BUBBLE IS GETTING CLOSER.....But it will come in the car market first....not in real estate.
