If you have been thinking of filing personal bankruptcy, you’ve probably thought about what the long term impact of bankruptcy will be. A big issue that many people are concerned about today is foreclosure, especially which is worse, bankruptcy or foreclosure, for your credit score. Yet bankruptcy and foreclosure are very different, and hard to compare. Here are some basic issues to consider.
Foreclosure is just another debt like any other secured debt, such as a car loan. If you fail to pay, the lender is secured, and will take back the asset. This can be a repossession of your car, or foreclosure on your home. of course, either one is a major ding on your credit report.
Bankruptcy is a different situation, allowing you to get rid of multiple debts or set up a repayment plan. The major credit scoring companies wont’ tell you which is worse, or by how much, but by the time you’re in a position to have your ouse go to foreclosure, your credit is likely so poor that a bankruptcy will not hurt you that much more in terms of credit score.
Still, if you’re uncertain whether to file bankruptcy or instead to allow your home to be foreclosed upon, consider these issues. Even if you file bankruptcy, you can still lose your home in foreclosure because the mortgage lender can request the bankruptcy court to allow the house to be sold so they can be paid. This type of sale is more likely in Chapter 7 bankruptcy, where debts are discharged, and not in Chapter 13 bankruptcy, where you can set up a repayment schedule to pay your debt and possibly keep your home. This is a way bankruptcy can help you avoid foreclosure.
Your best option is to talk with a bankrtupcy attorney and a credit counseling agency, to see how your income, total debt, and expenses will impact your decisions. Perhaps it’s more important to you to save your home, and not your credit score. In such a case, whether bankruptcy or foreclosure is worse for your credit score may not matter very much.
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