Quote:
Originally Posted by ASUADPi
Thanks for answering my questions. Like I said, I kept hearing commercials and was wondering what the 'deal' was with it.
I know when I lost my job, unable to find a new one and had a 198K mortgage, I considered bankruptcy. Sometimes I think I should have gone that route instead I ended up with a foreclosure (but now the state of AZ is actually suing my mortgage company, so that is a whole other thread).
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The payments on a 5K CC bill would be manageable for most people, unless they're making minimum wage. The only people I know who have filed bankruptcy have done it either because their kids had amassed MAJOR medical bills or it was a financial reckoning as part of a divorce.
Depending on the state, you can keep your house in bankruptcy.
A bankruptcy AND a foreclosure on your credit record would be hard to overcome, at least until those 7 years were over.