do we need to file bankruptcy after foreclosure?
In case of 2 loans, do we need to file bankruptcy after the house was foreclosure? The second loan tried to collect the money.
In case of 2 loans, do we need to file bankruptcy after the house was foreclosure? The second loan tried to collect the money.
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March 5th, 2010 at 7:44 pmhttp://www.loan-house.info/2009/09/choosing-right-bankruptcy-attorney.html
Actually, the best solution would have been to file bankruptcy to AVOID foreclosure. Then your credit report wouldn’t have taken a double hit. Both a bankruptcy and a foreclosure will appear on your report if you go bankrupt now.
To answer your question, just because you were forclosed on, doesn’t mean the story is over, it just enters a new chapter. Now that you have offically lost the house, they’ll now come after you for any money they lost in the process of loaning you the money. It’s possible they won’t, but if the amount is significant and they think they can recoup more from you than they’ll spend persuing you, they will. It’s in this case considering bankruptcy is the property thing to do. If you can work hard and pay off the debt in less than 5 years, you should do so. If not, then you should seek good legal representation to see if bankruptcy is the proper action in your case.
March 5th, 2010 at 7:44 pm