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What's worse bankruptcy or foreclosure

I am not on the verge of either. Just curious....

 
maggiebella25

Asked by maggiebella25 at 10:29 AM on Jul. 29, 2010 in Parenting Debate

Level 16 (2,868 Credits)
This question is closed.
Answers (8)
  • There are so many different types of bankruptcies out there. I know someone who has their house included and they keep making pmts but that goes to paying off their house also.
    Then there are the ones that do not include your house or car.

    I believe forclosure is worse cause I do know from doing morgages that after a bankruptcy you can still purchase stuff within 3 to 6 months. The rates might not be pretty but you are not dead in the water.
    mommy2each

    Answer by mommy2each at 1:51 PM on Jul. 29, 2010

  • I'm pretty sure foreclosure is worse. At least with bankruptcy, the persons file themselves. In a foreclosure, you're pretty much forced to do what the banks tell you. Plus, I know there are laws around bankruptcy that are kind of like a safety net for the people filing.
    mickstinator

    Answer by mickstinator at 10:35 AM on Jul. 29, 2010

  • Foreclosure... You wont be able to get a house for a while after your to much of a risk... If you are about to foreclose file bankruptcy a chapter 13 it will save your house... My sister filed cause the same thing happen.
    Claudiomom

    Answer by Claudiomom at 10:32 AM on Jul. 29, 2010

  • Foreclosure.
    Bankruptcy is admitting you are over your head in bills, and willing to make settlements to pay off everything and start over. Foreclosure is letting your house go, and not paying for it. It will negatively affect you dramatically.
    xxlilmomma09

    Answer by xxlilmomma09 at 10:36 AM on Jul. 29, 2010

  • I wouldn't have known that because it seems like a bankruptcy is defaulting on everything you were paying on and a foreclosure was only one thing. Wow crazy!
    maggiebella25

    Comment by maggiebella25 (original poster) at 10:37 AM on Jul. 29, 2010

  • It depends on what bankruptcy you file my sister did a 13 and has to make payments on the stuff she was able to keep like her house.
    Claudiomom

    Answer by Claudiomom at 10:51 AM on Jul. 29, 2010

  • Forclosure is far worse. With bankrupcy you can keep your home and your credit will repair faster.
    bjane01

    Answer by bjane01 at 10:06 PM on Jul. 29, 2010

  • Forclosure.
    Mom2Just1

    Answer by Mom2Just1 at 3:46 PM on Jul. 30, 2010