2006-07-03 10:45:27 · 5 answers · asked by ginnie r 1 in Business & Finance ➔ Personal Finance
If you have no assets, chapter 7 is no biggie... Unfortunately, nowadays it's harder to get.
I did it 4 years ago (before the new law) and now I have more money than I know what to do with.. I made a decision to never borrow money ever again.. It's amazing how much money you can save when you have no payments, and when you have 3-6 months of salary just kicking back in a savings account, borrowing doesn't even occur to you, and your credit report means absolutely nothing. In other words, who cares what it does to your credit report.
2006-07-03 11:09:39 · answer #1 · answered by kvuo 4 · 0⤊ 0⤋
Of course neither is attractive on a credit report but sometimes in life things happen that are out of your control. Illness, layoff, divorce etc. The best thing to do is contact the credit reporting bureau and request that a note be attached to your file to explain a reason for a foreclosure, bankruptcy etc. If you have a legitimate reason, future lenders might cut you some slack !
2006-07-03 12:32:43 · answer #2 · answered by ALEXANDERCOOL_99 1 · 0⤊ 0⤋
If you must do one or the other I would go with the bankruptcy. you can file only on the ones that are the hard to pay off and rebuild your credit a bit faster (about 7 to 12 years)
Now as for foreclosure, I believe that the "fine's" if you will, are set at a higher time frame to clear off your record then a bankruptcy and most banks look at that as HUGE "sin" and are more likely to say " I sorry, we can't help you." Now as for the time frame to remove a foreclosure from your record. That I don't know but I had some one in my family that had that happen to them and she said that it seemed to never really go away from her credit report.
2006-07-03 12:41:57 · answer #3 · answered by allbright 1 · 0⤊ 0⤋
I know if you go bankrupcy your screw!! for the next three to five years with money problems and I guess forclosure is about the same I have not heard stories on that aspect but I surmise that that one is for good! bout you do not have the three to five year problem of filing bankrupcy - at least that is what I am thinking... look it up on the net or aska bank president the aspects of the two in the long run
2006-07-03 10:54:21 · answer #4 · answered by Paul G 5 · 0⤊ 0⤋
neither.
whatever you're stuck in, get yourself out by selling your stuff.
sell your car, your jewelry, your clothes, your computer, your kids.
don't let them put the nails in your coffin.
because that's what it is.
2006-07-03 10:48:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋