I Heard That . .. A Foreclosure or a Repossession
Will Ruin My Credit Forever.
Will Ruin My Credit Forever.
Bankruptcy can help get rid of houses or cars you cannot afford.
Bankruptcy can't force a lender to take a bad property or bad car off your hands. But it will help protect you from any remaining balance of the debt after the property is sold by the lender. But a foreclosure or a repossession might 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. It means one thing: Yuo had trouble paying your bills at that time.
Obviously future lenders will be concerned that you were unable to keep up payments on a prior house or car. But this mostly means you must be careful to finance only what you can safely afford in the future. And that's not necessarily a bad thing.
Bankruptcy can't force a lender to take a bad property or bad car off your hands. But it will help protect you from any remaining balance of the debt after the property is sold by the lender. But a foreclosure or a repossession might 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. It means one thing: Yuo had trouble paying your bills at that time.
Obviously future lenders will be concerned that you were unable to keep up payments on a prior house or car. But this mostly means you must be careful to finance only what you can safely afford in the future. And that's not necessarily a bad thing.
10/11
Further Reading: Fresh Start is a State of Mind Too