I just went through a foreclosure and owe money to a second home loan and some credit cards, it totals $80,000

Question

I'm planning to go into a bankruptcy. My question is this; how long will a bankrupty stay in my credit report and will the foreclosure also will show in my credit report after the bankruptcy?

Answer 1

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.

Answer 2

The foreclosure is most likely already on there, the bankruptcy will remain for 10 years along with the credit cards

Answer 3

Bankruptcy and foreclosure will appear on your credit report. I beleive bankruptcy appears for 7 - 10 years.

Answer 4

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.

Answer 5

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.blogspot.com/2007/08/personal-bankruptcy.html Good luck!

Answer 6

If you are in australia and dont get the answer you require try www.bankrupts-anonymous.com (new site).