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How bad is it to do a foreclosure and a bankruptcy at the same time?
Wiki User
∙ 17y ago
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
Wiki User
∙ 17y ago
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How bad is bankruptcy?
Pretty bad.
If you include your house in a bankruptcy chapter 7 how will this show on your credit report Will it show included in bankruptcy or as a separate foreclosure?
If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
How long does bad debit stay with your credit?
It depends on your situation but a foreclosure for example will normally cause you to have bad credit for 7 years. Most of the time bad debit will stay with you 7 years, but may sometimes remain with you for as long as 11 years.
Does filing bankruptcy remove bad marks from your credit report?
No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.
How bad is bankruptcy?
Pretty bad.
How does a Deed in Lieu Foreclosure affect Socia security benefits?
A Deed in Lieu Foreclosure can impact Social Security benefits if the forgiven debt is reported as income, potentially increasing the recipient's income and affecting benefit eligibility. It is important to consult with a tax professional to understand the implications on Social Security benefits.
What occupational hazards does unemployment create?
relationship deprivationz, health, finace like UK bankruptcy & foreclosure all that sorta bad stuff, divorce, & that's all i can remember readin from ask.com srry peeps
How do you survive when your house was in a foreclosure?
Depending on why the home is in foreclosure, it may not be all bad. If you have equity in the home but some life event has stopped you from paying your mortgage, then you can sell the home and avoid foreclosure. Most Americans currently in foreclosure are in their situation because of home value loss and bad loans. The problem is that we are emotional, and think about our homes with our hearts. If we thought of them like a business asset, our perception of the situation would change drastically. No business would hold on to an asset that was worth 50% of the debt against it. How many times has Donald Trump filed bankruptcy? There is a system with protections, it's just that the average consumer never uses them out of a sense of moral obligation. The companies and individuals that got us into this mess didn't have the same hang ups and are spending their weekends on their yacht. Foreclosure is not the end of the world, and millions of Americans are in the same boat. It only stays on your credit 7 years (sounds like a long time but just wait) and you may have just gotten out of a huge debt you never should have been in.
How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
If you include your house in a bankruptcy chapter 7 how will this show on your credit report Will it show included in bankruptcy or as a separate foreclosure?
If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).
can you buy a foreclosure with bad credit.?
If you nave all cash to pay for the foreclosure, and you are not trying to finance any part of the cost of it, then yes you can.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
Can a water pump and thermostat go bad at the same time?
No they don't go bad at same time but any smart technician will replace both at same time.
If you write a bad check will it be dismissed if you file for bankruptcy?
Unlikely. Passing a bad check is often a criminal act. A bankruptcy would not change that fact.
How soon after chapter 7 bankruptcy can you buy a new car?
The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.
Is lightning good or bad?
good/bad at the same time.
