What is the better option - bancruptcy or foreclosure?
Question:
Answer:
Bankruptcy -- because it is you who are taking action then, and not having someone take action on you. That leaves you more in control of the situation and you will no longer be responsible for other debts. In some regions you can declare bankruptcy and still keep your home. Check into it immediately if you are having problems. First check into debt counselling or debt consolidation.
both destroy credit. if unable to pay then go for chap 13 bankruptcy. this way you won't have to pay much back. you'll be free of the majority of your debts and just have to ride it out as far as being on your credit report. credit sucks but it also gives you the opportunity to rebuild at will so keep that in mind. if you're in foreclosure you can still keep your house by refinancing and getting a clean slate so to speak. will not be a pretty rate but you'll keep your house and be able to breath for awhile.
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