2007-06-26 17:57:45 · 8 answers · asked by Barbara O 1 in Business & Finance ➔ Credit
And now for the correct answer.
Yes it will hurt your credit a lot.
A bankruptcy is bad enough, but anytime someone has a repossession or foreclosure after a bankruptcy they are looked at as a complete "Rat" in credit terms.
It will take you several years with massive down payments, fees and State maximum interest rates to get anyone to loan money to you.
2007-06-27 01:59:49 · answer #1 · answered by ? 7 · 0⤊ 21⤋
Yes, even though, as others have said, your credit is already pretty well trashed, adding a bankruptcy to the file will simply make it take longer to get your score back up to a reasonable level.
It's the see-saw principle. If you have a two ton baby elephant sitting on ONE side of the see-saw, how much weight does it take to counterbalance that ?
2007-06-26 23:43:51 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
financial ruin is an quite puzzling factor of flow by using. Your credit would be affected yet comprehend it is easy to assert by ways plenty until eventually the financial ruin is in place. factors as to how plenty replaced into discharged and one in all those credit it replaced into could additionally be seen while the credit is classed. Be very careful in case you will shop on with for credit each time on the brink of the release date. The financial ruin courts and your lenders that have had to take a loss due on your submitting financial ruin would be monitoring your credit activities.
2016-09-28 12:53:26 · answer #3 · answered by piekarski 4 · 0⤊ 0⤋
A chapter 7 is as bad as it gets..but with a foreclosure it will be decades before you would be able to get any kind of loan at all.
2007-06-26 18:07:38 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Probably, but not as much in the long haul as constantly being late and "no pay" on the mortgage. the sooner you get cleaned up, the faster you can recover. You will find that not all lenders will shun you if you look in the right places, and you can quickly build yourself back up to good standing if you are careful..
2007-06-26 18:03:33 · answer #5 · answered by billy d 3 · 0⤊ 0⤋
I am sorry to say that your credit is all ready in pretty bad shape so no it won't be that much worse, good news is in 7 years you may beable to get beeter loan intrest rates.
2007-06-26 18:03:14 · answer #6 · answered by ?? 2 · 0⤊ 0⤋
no, you already hit rock bottom. you only worry is that the credit companies will find out this, the credit cards will start pouring back into your life.
2007-06-26 18:02:02 · answer #7 · answered by just hanging around 5 · 0⤊ 0⤋
No, I don't think so. Your credit is pretty much trashed.
2007-06-26 18:02:47 · answer #8 · answered by lyllyan 6 · 0⤊ 0⤋