Can you file bankruptcy and add a foreclosure on it. or is a foreclosure basically the same thing...?
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Answer:
From my experience, when you have a foreclosure it is just one of those things that haunts your credit for many years. You will not be expected to eventually pay that money back, because the bank will take the house and sell it to recoup their losses. Your credit is screwed, my friend, but if you slowly work on your credit over the next few years, you could be back in a decent position.
A bankruptcy and foreclosure are complety diffrent,you can go thru both at the same time if you have filed for bankruptcy no one can foreclose while you are involved in the bankruptcy.
It sounds like you would be best just filing bankruptcy and including the house in the bankruptcy, thus nothing else would be owing. I don't see any point in foreclosing on the house and then filing. Might as well do it all at once
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