You can search the old board archives on this. SM

Posted by tinaj on September 08, 2002 at 13:31:25:

In Reply to: Re: bk vs foreclosure which is best posted by Robin Isaacs on September 07, 2002 at 17:46:33:

I believe the general idea is that a foreclosure is worse than a BK on your credit report. If you file a ch. 13, you will have some time to get back on your feet and keep the house, if that's what you want. If you file a ch. 7 then most likely you won't have to pay the CCs, of course you won't have them any more, but could you afford the house payment wtihout them? Search the archives - it's in there somewhere. good luck. Basically either one is gonna screw up your credit, but I believe that a foreclosure is worse because that was done TO you, whereas with a bankruptcy you at least took charge of your options and did something. Just my 2 cents worth.

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: I believe the general idea is that a foreclosure is worse than a BK on your credit report.  If you file a ch. 13, you will have some time to get back on your feet and keep the house, if that's what you want.  If you file a ch. 7 then most likely you won't have to pay the CCs, of course you won't have them any more, but could you afford the house payment wtihout them?  Search the archives - it's in there somewhere.  good luck.  Basically either one is gonna screw up your credit, but I believe that a foreclosure is worse because that was done TO you, whereas with a bankruptcy you at least took charge of your options and did something.  Just my 2 cents worth.


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