Post details: Bankruptcy or Foreclosure?

04/06/09

Permalink 01:41:34 pm, Categories: News, Kirstan's Ramblings, Real Estate, 239 words   English (US)

Bankruptcy or Foreclosure?

How about neither! Reference my article: Avoiding Home Foreclosure

A foreclosure will remain on your credit report for 7 years, while a bankruptcy will be there for only 10 years. Either way, you have taken an axe to your credit rating, and especially in the current economic climate-a bank won’t lend you money for a car or home for some time. The one benefit of a Chapter 7 bankruptcy is that all of your debts are forgiven, as opposed to foreclosure where you lose the home, but are still responsible to pay your debts. The whole purpose of Chapter 7 is to wipe the slate clean, and give you a chance to start over. You should note you will be starting from zero with bankruptcy-meaning zero credit. With a foreclosure you at least salvage some credit, allowing use of credit cards, and possible other loan options. Freedom to continue using some credit is a definite advantage foreclosure has over bankruptcy. It all depends on your personal situation.

Bankruptcies aren't as easy as they used to be. There is a complex matrix that an attorney will go through with you to evaluate your assets, liabilities, etc to determine if you even qualify to file for bankruptcy. Most people don't know that an attorney is required to give you a complimentary 30 minutes consultation when considering bankruptcy. Again, ask me for a reputable contact or get a referral from someone you know well (and trust).

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Passionately Urban

Welcome to my journey. My name is Kirstan Borne and I'm an active community member, a Denver Realtor, RE investor, property manager, appraiser in training and a business owner. I moved from the suburbs to the city of Denver over 12 years ago. I'm passionate about intelligent and prosperous growth of Denver and state of Colorado. Location Innovators, Llc.

Kirstan Denver Realtor

To connect with me, email me at kmarks@TopDenverAgent.com. To search for a new home in the Denver metro area, please visit here .

Disclaimer: Regarding information throughout this blog that may appear to be advice - be sure to consult with your own qualified CPA and/or attorney concerning any legal matter.

Connect with me on Facebook Kirstan Marks, Kirstan Marks, Realtor (Location Innovators Llc): Commercial Real Estate Agent in Denver, CO

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