If you have property and file bankruptcy, does it show on your credit foreclosure and bankruptcy?
Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what’s the use of filing bankruptcy. why not just walk a way from you properties.
Posted October 30th, 2009 in Bankruptcy Q And A. Tagged: doe, filing bankruptcy, foreclosure, mortgage debt.
If your house is in foreclosure when you file, yes it would show both foreclosure and bankruptcy, it should only show a bankruptcy if your house did not in fact go in foreclosure. Your mortgage debt gets discharged unless you reaffirm the debt but the lien is still on the property, they just can’t go after you personally. But bankruptcy and foreclosure aren’t one and the same. Plenty of people file bankruptcy but are current on their mortgage and keep the house with no issues (assuming no excess equity). I never heard of such people complaining that their credit report indicated there was a foreclosure (especially if they kept the house) unless a foreclosure was already happening.
October 30th, 2009 at 7:29 amit will show up. in fact, voluntary solvency will destroy your credit standing. that’s the side-effect of doing that. the good thing though with filing for bankruptcy is that you would be released from all your debts that you declared. you will be able to start fresh but it will tough since your credit would be shot out the window.
October 30th, 2009 at 7:29 amIt shows as a foreclosure and a bankruptcy.
On some credit reports I have looked at it says:
Discharged – BK
(meaning bankruptcy)
October 30th, 2009 at 7:29 amI have some bad news for you. A bankruptcy DOES NOT discharge a mortgage. You will have to pay all back payments including interest AND keep your home payments current.
A bankruptcy stays on your credit report for 10 years. If you walk away for a home with a mortgage, in some states the lender can get a judgment for the amount the home sold for below the amount owed. They can then attach many assets you own to collect the judgment.
October 30th, 2009 at 7:29 am