2007-11-20 22:53:49 · 10 answers · asked by beetlejuice_4094 1 in Business & Finance ➔ Renting & Real Estate
Both routes are going to give you a whole lot of headaches for a good number of years - at least seven years but probably more.
However, foreclosure will only stop you getting mortgages and other credit-related products in the future. Bankruptcy has implications for your right to be a company director or shareholder and might even affect things like your immigration status if you decide to retire abroad later in life.
Look at all the possible options before you decide what to do. Rent rooms in your house, convert the garage and rent it as an apartment, sell storage space in the basement, sell the house as quickly as you can - anything to avoid bankruptcy or foreclosure if you can.
You might have to accept compromises or a lower standard of living for a while but at least you will be able to go forward without the stigma of either of these options around your neck.
Also remember that filing for bankruptcy takes time to file and you might just end up having a foreclosure notice slapped on you before the proceedings are enacted - so time it carefully. If the worst happens in this case, you will have a foreclosure AND bankruptcy - not that you really don't want!
There is lots of good advice about debt and bankruptcy over here: http://www.debtsteps.com/bankruptcy-facts.html
Good luck,
J
2007-11-20 23:09:44 · answer #1 · answered by Destiny Angel 3 · 0⤊ 0⤋
Either one or both will seriously affect your credit in a negative fashion. Both indicate your inability to handle debt properly.
With a bankruptcy, your past financial obligations are, for the most part, removed. However, it will be years before you are allowed again to incur debt, due to the bankruptcy on your record.
2007-11-21 07:06:11 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Bankrupcy is the worst- There's gotta be some help out there for you so you don't foreclose- Is your house on the market? Maybe you should have an auction and try to sell quickly-
2007-11-21 07:00:29 · answer #3 · answered by :) 6 · 0⤊ 0⤋
Foreclosure. Bankruptcy erases the slate and you start new and clean
2007-11-21 07:01:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Foreclosure is worse, but its hard to declare bankruptcy.
2007-11-21 06:56:25 · answer #5 · answered by WeRuleTheSchool 3 · 0⤊ 0⤋
Yes.
2007-11-21 06:56:24 · answer #6 · answered by nosillenhoj 4 · 0⤊ 0⤋
bancruptcy
2007-11-21 06:56:10 · answer #7 · answered by stoing37 2 · 0⤊ 0⤋
Either one is just as bad
2007-11-21 06:57:21 · answer #8 · answered by wildcougar33 2 · 0⤊ 0⤋
Bankruptsy, for sure.
2007-11-21 06:56:56 · answer #9 · answered by WC 7 · 0⤊ 0⤋
both will mess up... your life.
2007-11-21 06:56:12 · answer #10 · answered by Ron M 3 · 0⤊ 0⤋