I Heard That . .. A Foreclosure or a Repossession
Will Ruin My Credit Forever.
Will Ruin My Credit Forever.
A lot of folks go into bankruptcy to help get rid of houses or cars they can no longer afford. The bankruptcy will help protect them from any remaining balance on the debt after the property is sold by the lender. But a foreclosure or a repossession may appear on your credit report.
The foreclosure or repossession in connection with bankruptcy is often treated as a related event -- since it really is -- so the foreclosure or repossession is no better or worse than bankruptcy on your credit report.
Obviously future lenders will be concerned that you were unable to keep up payments on a prior house or car but this simply means you must be careful to finance only what you can safely afford in the future.
The foreclosure or repossession in connection with bankruptcy is often treated as a related event -- since it really is -- so the foreclosure or repossession is no better or worse than bankruptcy on your credit report.
Obviously future lenders will be concerned that you were unable to keep up payments on a prior house or car but this simply means you must be careful to finance only what you can safely afford in the future.
8/07
