2007-06-26 15:54:21 · 6 answers · asked by socmum16 ♪ 5 in Business & Finance ➔ Personal Finance
Tough question. I would say getting foreclosed on would be worse in that you would loose your home. Bankruptcy, will bad, allows you to get back on your financial feet again and start over.
2007-06-27 05:18:37 · answer #1 · answered by Kerry 7 · 2⤊ 0⤋
Getting foreclosed on is worse. If you go bankrupt, you get over it after a few years. If you get foreclosed on, you lose your home.
2007-06-26 16:04:05 · answer #2 · answered by Writer of Truth 4 · 2⤊ 0⤋
they are both businessmens` worst nightmare`...but I consider Going Bankrupt as worse.
When you declare and apply for a bakcruptcy, it follows that establishment is totally closing down with open books noting there is nothing, zero balance for everybody including creditors, unlike getting forclosed-is an option or legal action a creditor can take in case mortgagee fails to comply in its cotracted obligation, but even then, debtor`s claim to buy back over the property being forclosed is always pre-empted over any qualified bidders on a possible forclusure proceedings.
2007-06-26 16:18:41 · answer #3 · answered by tanting 2 · 0⤊ 0⤋
I would think getting foreclosed on.
gw
2007-06-27 05:04:05 · answer #4 · answered by georgewallace78 6 · 1⤊ 0⤋
Rock and a hard place
2007-06-26 22:00:51 · answer #5 · answered by Anonymous · 1⤊ 0⤋
getting forclosed and then going bankrupt?????
2007-06-26 18:00:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋