What is worse bankruptcy or foreclousure? If I did I both, how will I build credit again?

Question

WillI be able to get a place? The only way I can afford my bills is that everything clears on the bankruptcy. My hubby loss his job, and he feel behind on payments. Should we keep our house?

Answer 1

First Tania, You need to consult with a qualified bankruptcy attorney in your area, most will see you on a first free consultation to tell you what you will qualify for. To be able to keep a house in a chapter 7 bk filing you would have to be current on the mortgage payments. If not, you can go into a chapter 13 bk filing which is a payment plan set up and paid to the US Bankruptcy court trustee, this trustee handles your case for 5 years, and payments are  taken out of a paycheck on your designated pay day. In a chapter 13, you don't have to be current on the mortgage, but the payments have to be made in order for the case to run the 5 years. If your husband isn't working, and you are not....that's not feasible to do a payment plan. My best advise to you is to find an attorney and they will want to look at income, debts, assets and the last 4 years of taxes to see what you qualify. They will be able to tell you what you can keep, and what you can do to get back on your feet again and on the right track. You will need to have a retainer fee for the attorney, which can run anywhere from 800.00 to 1500.00 to file a bankruptcy. A chapter 13 is more $$ than a chapter 7 filing, but you need to see legal counsel before you get an foreclosure notices to see what you can do.

Good Luck!

Answer 2

Whether you can keep it depends on :

1) Your total debts (how much, what type)

2) The mortgage payment

3) Your income

4) How far behind are you?

If you can repost your question with these details, we might be able to help you.

Answer 3

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://is.gd/7il

Answer 4

try hard as you can to keep the house,it will be 7-10 years before you can buy another one.