Full question:
Would bankruptcy be more favorable than a foreclosure on a property at my age now 71 I am have not made payment on property for three months is foreclosure better than bankruptcy at my age 71
- Category: Bankruptcy
- Date:
- State: Colorado
Answer:
What is best for you depends on all the circumstances involved in your situation. Even if you file bankruptcy you can still lose your home to foreclosure or your vehicle to repossession if you cannot make the regular monthly payments. Some of the factors to consider, among others, include the amount of debt, the ability to repay the debt, alternatives for housing, the possibility of refinancing or consolidating debt, future income expected, etc. Your credit rating is a basis for many things in life, from housing (both home ownership and renting) to insurance (automobile and home/renter’s insurance use your credit rating to determine insurability and rates). Considering your future, life after bankruptcy, will help you decide if filing for bankruptcy is the best choice given your circumstances.
A foreclosure will damage your credit score and hinder your ability to get credit for years. Filing bankruptcy is a last resort when you have no hope of paying your debts. A bankruptcy can have consequences such as:
-Ruining your chances of borrowing for a new home or business.
-You may be denied life insurance.
-You have to give up control of your assets to the court.
-Someone you don't know will make financial decisions for you.
-It will stay on your master credit report for life and can be reported on your consumer credit report for up to 10 years, making credit difficult and/or expensive to get.
-It has to be reported forever on some loan, insurance and job applications
Please see the information at the following links:
http://www.moranlaw.net/consider.htm
http://www.moneycentral.msn.com/content/Banking/bankruptcyguide/P77617.asp
http://ezinearticles.com/?Should-I-File-Bankruptcy?-Eliminate-Every-Alternative-First&id=2093588
http://ezinearticles.com/?The-Damage-Foreclosure-Can-Do-to-Your-Credit-Score&id=1355000
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
