Financial woes are certainly capable of bringing you down, and if it gets bad enough that you must consult with an attorney or financial specialist, you may wonder if you can ever get back on solid ground again. Contrary to what would be your initial mindset, bankruptcy doesn't necessarily equate to an admission of failure - different circumstances lead people to file, yet for some it isn't the only option. Foreclosure is another possibility if you find you are unable to keep up with mortgage. Depending on your situation, one option may be better than the other, but which is right for you?
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Bankruptcy Vs. Foreclosure
Both processes are designed to assist in removing you from your current debt situation. Where bankruptcy can keep creditors at bay while it's determined how you will satisfy your debts, foreclosure mainly involves your living situation. If your primary problem concerns your inability to pay off your mortgage, you are likely to be advised to deal with foreclosure or some level of loss mitigation. Bankruptcy typically comes into play when your debts involve more than your home payments.
It's important to note, too, that if you opt for foreclosure you may not be able to file for bankruptcy at the same time. This will depend largely on the state of your finances, the laws in your area, and your eligibility.
Other differences between bankruptcy and foreclosure include:
Time: The time a filing remains on your credit records will vary. For bankruptcy, it is usually ten years, whereas a home foreclosure stays with you for less. However, just because the record is removed two or three years sooner doesn't mean it has less of an impact on your credit score.
Liquidation: Bankruptcy and foreclosure deal with liquidation of assets in different ways. If you decide it best to have your home foreclosed on to satisfy your financial issues, you will have to deal with the bank holding the mortgage. In bankruptcy, there may be more than one collections agency to contact.
If you are faced with decision, you will do best to consult with an attorney who specializes in bankruptcy, foreclosures, and similar practices. It's important to resolve these financial issues as soon as possible so you can begin to work on rebuilding your life and credit standing. Know, too, that it is possible to rise above these difficulties and look forward to a healthy financial future.
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