Bankruptcy or Foreclosure/?

My house has been for sale for 6 months. I am struggling to make payments on everything including $9000.00 worth of

debt other than my home loan. I am facing a negative equity situation even if house sells and I don%26#039;t know where I%26#039;d get the money to bring to closing if need be. My credit is perfect and I am getting married in June. I won%26#039;t need the credit so I can live with bad credit for a while if need be as we don%26#039;t plan to buy anthing together. Anything we do buy in the future will be in his name.. I do not want the bankruptcy or foreclosure to impact my husband-to-be%26#039;s credit I need to take care of this before we get married right?. It%26#039;s my problem. Not his.

What is the quickest way to a clean slate? Bankruptcy or Foreclosure? I keep hearing about people who are facing a negative equity situation and have been making timely pmts, but know they won%26#039;t be able to pay for the difference when they sell their house for less %26amp; they just stop making payments allowing foreclosure.

Bankruptcy or Foreclosure/?

You can file a individual bankruptcy in only your name and it will not affect your spouse (or soon to be spouses) credit.

When you stop making the payments on your home the house will go into foreclosure. The state will auction it off. If they sell it for less then you owe, you will be responsible for the %26quot;deficiency balance%26quot; unless you have a non-recourse loan.(certian states) They will then most likely come after you for the balance. You may then want to file bankruptcy (ch. 7) to wipe the debt that they will say you owe clean. (esp. if your in a negative equity situation)

If you want to do an bankruptcy first and keep your house you can %26quot;reaffirm%26quot; your home loan and keep paying that, but have your other debts wiped clean.

Either way, unless your spouse signed the mortgage loan, he will NOT be affected by the bankruptcy or have to file with you.

Good luck with it all :)

Bankruptcy or Foreclosure/?

try short selling your property. You will lose money, but it is better than a foreclosure. Don%26#039;t change your name yet, so he won%26#039;t carry it.

Bankruptcy or Foreclosure/?

Bankruptcy may be the best of your available options.

If done before you wed..it shouldn%26#039;t impact upon your husband-to-be.

You%26#039;ll be a bankrupt on paper...but with your hubby...as long as he is solvent and has good credit...you%26#039;ll manage just fine.

After a number of years...you%26#039;ll be OK again.

Bankruptcy or Foreclosure/?

Before doing either and ruining your credit you might want to talk with a Foreclosure Counciling Service like Free Foreclosure Prevention http://freeforeclosureprevention.net They deal with these situations everyday and can probably help.

Bankruptcy or Foreclosure/?

you might want to look into counseling with a lawyer but i%26#039;ve been told my my friend who works as a realestate agent..that it%26#039;s better to go thru Bankruptcy....there%26#039;s chapter 7 and chapter 13....chapter 7 you pretty much walk away from all your dept and after 5 yrs it should be discharged from your credit and chapter 13 pretty much means that all ur finances get reorganized but your still in debt....foreclosure is really the worse way to go....but once again this is something you should really discuss with a lawyer..they%26#039;ll always give you a better insight...good luck!

Bankruptcy or Foreclosure/?

Lots of people think that once they閳ユ獫e filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn閳ユ獩 always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.

http://best-loans.awardspace.com/Bankrup...

In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.