Wednesday, October 27, 2010

If You HAVE to File, Is There Life After Bankruptcy?

Recently a client sent me a lovely email discussing how well things had worked for them a short time after they had filed a bankruptcy.

This is not to say that bankruptcy is a cure-all for what ails ya, or that it's fun, or easy. It's not.

But sometimes it's the right tool for the job.

So if you're scared to death about bankruptcy, good! You're paying attention!

But some people get a very good result, if they work hard after they file.
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  1. AnonymousDecember 7, 2010 at 1:10 AM

    Thanks for the information..I really like your post..I need some help!
    I'm 25yrs old, have zero credit card debt, no student loans just my house that has just received a notice of default. Which would have a greater impact on my credit score a foreclosure or chapter 7 bankruptcy filing? I know a bankruptcy lasts about 7 years but how long does a foreclosure last, or better yet how soon can I buy a house after foreclosure? I'm fairly certain that a bankruptcy would be worse but I'm concerned that my lender might try or has the option to get a deficiency judgment since I refinanced a year ago. From what I understand the lender has two options (California Law) a private sale or judicial proceeding. I'm hoping for a private sale which will pretty much keep me in the clear. How often do lenders go with a judicial proceeding?
    bankruptcy claim

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