Comments on: If you have property and file bankruptcy, does it show on your credit foreclosure and bankruptcy? http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Lesley http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm/comment-page-1#comment-3284 Lesley Fri, 30 Oct 2009 12:29:51 +0000 http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm#comment-3284 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. 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.

]]> By: Philip http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm/comment-page-1#comment-3285 Philip Fri, 30 Oct 2009 12:29:51 +0000 http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm#comment-3285 it 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. it 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.

]]> By: godged http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm/comment-page-1#comment-3286 godged Fri, 30 Oct 2009 12:29:51 +0000 http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm#comment-3286 It shows as a foreclosure and a bankruptcy. On some credit reports I have looked at it says: Discharged - BK (meaning bankruptcy) It shows as a foreclosure and a bankruptcy.
On some credit reports I have looked at it says:

Discharged – BK

(meaning bankruptcy)

]]> By: DOUBLE NET http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm/comment-page-1#comment-3287 DOUBLE NET Fri, 30 Oct 2009 12:29:51 +0000 http://howtogobankrupt.org/if-you-have-property-and-file-bankruptcy-does-it-show-on-your-credit-foreclosure-and-bankruptcy.htm#comment-3287 I 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. I 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.

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