I just went through a foreclosure and owe money to a second home loan and some credit cards, it totals $80,000
Question:
Answer:
Rob,
A bankruptcy is going to look far worse on your report then a foreclosure. So your credit is going to really suck already. Foreclosures stay on for 7 years, BK's for 10.
The bankruptcy will erase the foreclosure debt on your report, which will have a very small impact in your score. But face it.you are going to have a rough time for a few years. You can't escape it.
But on the bright side you will at lease be wiping your debt clean, and you can start rebuilding your life.
Go over to http://www.lifeafterbankruptcy.com... and spend some time going through their newsletters and the rest of the site. Yes, this is a site trying to sell you some stuff, but it's loaded with lots of free info on how to rebuild your credit after bankruptcy.
I am not associated with this or any other links I post. This isn't spam. I post it because it has great info.
Good luck to you.
Bankruptcy and foreclosure will appear on your credit report. I beleive bankruptcy appears for 7 - 10 years.
Just curious. Why didn't you file the bankruptcy before the foreclosure? It would have been better for your credit report. And you might even have saved the home.
The foreclosure is most likely already on there, the bankruptcy will remain for 10 years along with the credit cards
If you are in australia and dont get the answer you require try www.bankrupts-anonymous.com (new site).
hello Rob Bankruptcy and foreclosure will appear on your credit report. I beleive bankruptcy appears for 7 - 10 years.
I found interesting information about your answer & bankruptcy options here. http://all-debt-consolidation-loan.blogs... Good luck!
If the foreclosure has already been completed and you no longer own the home, filing bankruptcy will not get that removed from your credit. The bankruptcy will only be able to affect current debt that you have; it won't be able to repair your past credit history.
Generally, a bankruptcy will stay on your credit for 7 years, but if may give you a chance to wipe out some of the problems you're currently experiencing. Rather than going through collections and showing numerous late payments, a bankruptcy can wipe the slate clean or give you a chance to establish a new repayment plan. It'll cause some pain now on your credit, but you may end up in a better situation afterwards than you are currently experiencing.
So the bankruptcy may help you with the bills you have now, but it can't affect the previous foreclosure. That's over and done with now, if you're not the owner anymore. You'll have to work on recovering from that, rather than filing bankruptcy to prevent it.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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